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Credit Suisse plans trigger phoenix autocallable notes linked to Eaton
By Susanna Moon
Chicago, July 23 – Credit Suisse AG, London Branch plans to price trigger phoenix autocallable optimization securities due July 31, 2020 linked to Eaton Corp. plc shares, according to a 424B2 with the Securities and Exchange Commission.
If Eaton stock closes at or above the coupon barrier level – 72.5% to 77.5% of the initial price – on any monthly observation date, the notes will pay a contingent coupon at an annualized rate of 8% for that month.
If the shares close at or above the initial price on any monthly observation date after one year, the notes will be called at par plus the contingent coupon.
If the notes are not called and Eaton shares finish at or above the 72.5% to 77.5% trigger level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
UBS Financial Services Inc. will be the distributor.
The notes will price on July 24 and settle on July 31.
The Cusip number is 22548F455.
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