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Credit Suisse eyes contingent coupon callable yield notes on ETFs
By Sarah Lizee
Olympia, Wash., May 7 – Credit Suisse AG, London Branch plans to price contingent coupon callable yield notes due May 31, 2022 linked to the lesser performing of the VanEck Vectors Gold Miners 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 9% to 11% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
Starting on Nov. 29, Credit Suisse may redeem the notes at par on any quarterly contingent coupon payment date.
The payout at maturity will be par unless either fund closes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
The notes will price on May 28.
The Cusip number is 22552FBY7.
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