Credit Suisse eyes contingent coupon autocallable yield notes on ETFs

By Sarah Lizee

Olympia, Wash., Jan. 4 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due Jan. 29, 2021 linked to the lesser 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 quarterly contingent coupon at an annual rate of 12% to 14% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.

The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly trigger observation date starting on July 26, 2019.

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

Credit Suisse Securities (USA) LLC is the agent.

The notes (Cusip: 22551LRG7) will price on Jan. 28.

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