Credit Suisse eyes contingent market-linked autocalls on biotech ETF

By Sarah Lizee

Olympia, Wash., Oct. 15 – Credit Suisse AG, London Branch plans to price market-linked securities due Oct. 21, 2021 – autocallable with contingent coupon and contingent downside linked to the SPDR S&P Biotech 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 10% if the fund closes at or above its 75% threshold on the observation date for that quarter.

The notes will be called at par if the fund closes at or above its initial level on any quarterly observation date after six months.

The payout at maturity will be par unless the fund finishes below its threshold, in which case the payout will be par plus the return of the fund with full exposure to any losses.

Wells Fargo Securities, LLC is the agent.

The notes will price on Oct. 16.

The Cusip is 22551N2M7.

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