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Credit Suisse plans to price digital barrier notes linked to two ETFs
By Angela McDaniels
Tacoma, Wash., Oct. 7 – Credit Suisse AG, London Branch plans to price 0% digital barrier notes due Dec. 17, 2020 linked to the Materials Select Sector SPDR fund and the Consumer Staples Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-in event will occur if either fund finishes at or below its knock-in level, 70% of its initial share price.
If the lesser-performing fund finishes at or above its initial share price, the payout at maturity will be par plus the fixed payment percentage, which is expected to be 60% to 65% and will be set at pricing.
If the lesser-performing fund finishes below its initial share price and a knock-in event has not occurred, the payout will be par.
If the lesser-performing fund finishes below its initial share price and a knock-in event has occurred, investors will be exposed to the decline of the lesser-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price Dec. 14.
The Cusip number is 22548QQP3.
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