Credit Suisse eyes contingent coupon autocallable yield notes on stocks

By Tali Rackner

Minneapolis, Aug. 22 – Credit Suisse AG, London Branch plans to price contingent coupon autocallable yield notes due Aug. 31, 2020 linked to the least performing of the common stocks of Western Digital Corp., Microsoft Corp. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a monthly contingent coupon at an annual rate of 10.25% to 11.25% if each stock closes at or above its coupon barrier, 50% of its initial level, on the observation date for that month.

The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.

The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.

Credit Suisse Securities (USA) LLC is the agent.

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

The Cusip number is 22550BEL3.

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