Published on 7/24/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.15 million contingent coupon autocallables on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, July 24 – Credit Suisse AG, London Branch priced $3.15 million of contingent coupon autocallable yield notes due Jan. 16, 2020 linked to the least performing of 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 contingent coupon at an annual rate of 6% if each index closes at or above its coupon barrier, 65% of its initial level, on the related quarterly observation date.
The notes will be called at par if each index closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any index closes below its 65% knock-in level on any day during the life of the notes, in which case the payout will be par plus the return of the lowest performing index, subject to a maximum payout of par.
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
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Amount: | $3,146,000
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Maturity: | Jan. 16, 2020
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Coupon: | 6% per year, payable each quarter that each index closes at or above its coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index closes below its knock-in level on any day during the life of the notes, in which case par plus the return of the lowest performing index, subject to a maximum payout of par
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Call: | Automatically at par if each index closes at or above its initial level on any quarterly trigger observation date
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Initial levels: | 2,774.02 for S&P, 1,683.662 for Russell
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Coupon barriers: | 1,803.133 for S&P, 1,094.3803 for Russell; 65% of initial levels
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Knock-in levels: | 1,803.133 for S&P, 1,094.3803 for Russell; 65% of initial levels
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Pricing date: | July 11
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Settlement date: | July 16
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.125%
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Cusip: | 22550BU76
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