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Credit Suisse plans contingent coupon callable yield notes on S&P, Russell
By Sarah Lizee
Olympia, Wash., Jan. 4 – Credit Suisse AG, London Branch plans to price contingent coupon callable yield notes due Jan. 31, 2024 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at a rate of 7.5% to 9.5% per year if each index closes at or above its coupon barrier level, expected to be 70% of its initial level, on the observation date for that period.
The notes are callable in whole but not in part at par on any quarterly early redemption date beginning on Jan. 31, 2020.
The payout at maturity will be par unless either of the indexes finishes below its knock-in level, expected to be 70% of the initial level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
The notes (Cusip: 22551LRM4) are expected to price Jan. 28.
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