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Credit Suisse plans contingent coupon callables tied to index, fund
By Susanna Moon
Chicago, Aug. 4 – Credit Suisse AG, London Branch plans to price contingent coupon callable yield notes due Aug. 21, 2020 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 7% to 8% if each component closes at or above its 60% coupon barrier on the observation date for that period.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either component finishes below its 60% knock-in level, in which case investors will receive par plus the return of the worse performing component, up to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on Aug. 18.
The Cusip number is 06744CES6.
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