Published on 5/3/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $112,000 6.75% contingent coupon autocalls tied to index, fund
By Susanna Moon
Chicago, May 3 – Credit Suisse AG, London Branch priced $112,000 of contingent coupon autocallable yield notes due July 30, 2019 linked to the lesser performing of the iShares MSCI EAFE ETF and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 6.75% if each asset closes at or above its 75% coupon barrier on the observation date for that month.
The notes will be called at par if each underlying component closes at or above its initial level on any quarterly review date beginning Oct. 25, 2018.
The payout at maturity will be par unless either asset ever closes below its 75% 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 or fund.
Credit Suisse Securities (USA) LLC is the underwriter.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying assets: | iShares MSCI EAFE ETF and Euro Stoxx 50 index
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Amount: | $112,000
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Maturity: | July 30, 2019
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Coupon: | 6.75% annualized, payable monthly if each asset closes at or above 75% coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | Par unless either asset ever closes below 75% knock-in level, in which case 1% loss per 1% decline of worse performing index or fund
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Call: | At par if each underlying component closes at or above its initial level on any quarterly review date beginning Oct. 25, 2018
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Initial levels: | 3,485.83 for Stoxx, $70.55 for fund
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Trigger levels: | 2,614.37 for Stoxx, $52.9125 for fund; 75% of initial levels
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.5%
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Cusip: | 22550WLN5
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