Credit Suisse plans contingent coupon autocalls on biotech, oil ETFs

New York, May 31 – Credit Suisse AG, London Branch plans to price 11% to 13% contingent coupon autocallable yield notes due June 6, 2020 linked to the lesser performing of the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 11% to 13% if each underlying closes at or above its 55% coupon barrier on the observation date for that quarter. The exact coupon will be set at pricing.

Starting on Jan. 2, 2019, the notes will be called at par if each underlying closes at or above its initial level on any quarterly observation date.

A knock-in event will occur if any underlying closes below its 60% knock-in level on any day during the life of the notes.

If a knock-in event does not occur, the payout at maturity will be par.

If a knock-in event does occur, the payout will be par plus the return of the worst performing underlying, capped at par.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price June 29 and settle on July 5.

The Cusip number is 22550WV38.

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