Credit Suisse to price contingent coupon autocallables on oil stocks

By Devika Patel

Knoxville, Tenn., Jan. 8 – Credit Suisse AG, London Branch, plans to issue contingent coupon autocallable yield notes due Jan. 16, 2025 linked to the worst performing of the American Depositary Shares of BP plc and the common stocks of Chevron Corp. and ConocoPhillips, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an expected annual rate of 8.25% if each underlying closes at or above its coupon barrier level, expected to be about 60% of the initial level, on the observation date for that quarter. The exact coupon rate and barrier level will be set at pricing.

The notes will be called at par if each underlying closes at or above its initial level on any quarterly trigger observation date from Jan. 10, 2019 through Oct. 10, 2024.

The payout at maturity will be par unless any underlying finishes below its knock-in level, expected to be about 60% of the initial level, in which case investors will lose 1% for each 1% decline of the worst performing underlying from its initial level. The exact knock-in level will be set at pricing.

Credit Suisse Securities (USA) LLC is the agent.

The notes (Cusip: 22550W5J2) will price on Jan. 9 and settle on Jan. 16.

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