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Credit Suisse plans trigger phoenix autocallables linked to Best Buy
By Toni Weeks
San Luis Obispo, Calif., May 13 – Credit Suisse AG, London Branch plans to price trigger phoenix autocallable optimization securities due May 21, 2020 linked to the common stock of Best Buy Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Best Buy stock closes at or above the trigger price, 54% to 59% of the initial share price, on a monthly observation date, the issuer will pay a contingent coupon for that month at the rate of 8% per year. Otherwise, no coupon will be paid that month. The exact trigger price will be set at pricing.
Beginning one year after issuance, the notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial price on any monthly observation date.
If the notes are not called and Best Buy shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price.
UBS Financial Services Inc. is acting as distributor.
The notes will price May 15 and settle May 20.
The Cusip number is 22548F133.
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