Credit Suisse plans contingent coupon autocalls on biotech, oil funds

By Susanna Moon

Chicago, Aug. 2 – Credit Suisse AG, London branch plans to price contingent coupon autocallable yield notes due Aug. 31, 2020 linked to the worse 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 9% to 11% if each underlying fund closes at or above its 55% coupon barrier on the observation date for that quarter.

The notes will be called at par if each underling fund closes at or above its initial level on any review date.

The payout at maturity will be par unless either underlying fund ever closes below its 55% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing fund.

Credit Suisse Securities (USA) LLC is the agent.

The notes will price on Aug. 28 and settle on Aug. 31.

The Cusip number is 22550BVY6.

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