Credit Suisse plans 11%-13% contingent coupon callable yield notes on ETFs

By Sarah Lizee

Olympia, Wash., Oct. 8 – Credit Suisse AG, London Branch plans to price 11% to 13% contingent coupon callable yield notes due Nov. 6, 2023 linked to the lesser performing of the VanEck Vectors Gold Miners 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 quarterly contingent coupon at an annual rate of 11% to 13% if each fund closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.

Starting on Nov. 5, 2019, Credit Suisse may redeem the notes at par on any quarterly contingent coupon payment date.

The payout at maturity will be par unless either fund closes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Oct. 31.

The Cusip number is 22551LDR8.

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