Published on 3/16/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.32 million of knock-out notes on SPDR S&P Bank
By Devika Patel
Knoxville, Tenn., March 16 – Credit Suisse AG, London Branch, priced $1.32 million of 0% knock-out notes due March 29, 2017 linked to the SPDR S&P Bank exchange-traded fund trust, according to a 424B2 filing with the Securities and Exchange Commission.
A knock-out event will occur if the fund’s final level is less than the $30.99 initial level by more than 22%.
If a knock-out event has not occurred, the payout at maturity will be par plus 10%. If a knock-out event has occurred, investors will be fully exposed to the fund’s decline.
J.P. Morgan Securities LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Knock-out notes
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Underlying fund: | SPDR S&P Bank ETF
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Amount: | $1,315,000
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Maturity: | March 29, 2017
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 10% unless final fund level is less than initial level by more than 22%, in which case 1% loss for every 1% that fund declines from initial level
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Initial level: | $30.99
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Final index level: | Average of fund’s closing levels on the five trading days ending March 24, 2017
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Pricing date: | March 11
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Settlement date: | March 16
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 22546VYX8
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