Published on 1/26/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.2 million 5.6% contingent coupon autocalls on indexes
By Susanna Moon
Chicago, Jan. 26 – Credit Suisse AG, London Branch priced $1.2 million of contingent coupon autocallable yield notes due Jan. 27, 2020 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 5.6% if each index closes at or above its 70% coupon barrier on an observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly call date after six months.
The payout at maturity will be par unless either index ever closes below its 70% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying indexes: | S&P 500, Russell 2000, Dow Jones industrial average
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Amount: | $1.2 million
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Maturity: | Jan. 27, 2020
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Coupon: | 5.6% annualized, payable quarterly if each index closes at or above its 75% barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index ever closes below knock-in level, in which case 1% loss for each 1% decline of worse performing index
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Call: | At par if each index closes at or above its initial level on any quarterly call date
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Initial levels: | 2,810.30 for S&P, 1,597.628 for Russell and 26,071.72 for Dow
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Trigger levels: | 2,107.725 for S&P, 1,198.221 for Russell and 19,553.79 for Dow, 75% of initial levels
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Pricing date: | Jan. 19
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Settlement date: | Jan. 26
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.5%
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Cusip: | 22550W7L5
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