Credit Suisse eyes contingent coupon autocallable reverse converts on Biogen

By Sarah Lizee

Olympia, Wash., Feb. 28 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable reverse convertible securities due June 7, 2021 linked to the common stock of Biogen Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly at an annual rate of 7.25% if the stock closes at or above its 50% knock-in level on a monthly observation date.

The notes will be called at par if the shares close at or above the initial share price on any quarterly trigger observation date after six months.

The payout at maturity will be par unless the shares ever close below the knock-in level on any day during the life of the notes and the shares finish below the initial level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

Credit Suisse Securities (USA) LLC is the agents.

The notes will price on March 2.

The Cusip number is 22550MAY5.

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