Published on 5/9/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $813,000 contingent coupon callable yield notes on indexes
By Sarah Lizee
Olympia, Wash., May 9 – Credit Suisse AG, London Branch priced $813,000 of contingent coupon callable yield notes due Feb. 9, 2021 linked to the lowest performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at an annualized rate of 5.5% if each index closes at or above its coupon barrier, 70% of its initial level, on the related quarterly observation date.
Starting Nov. 12, the notes may be called in whole, but not in part, at par on any contingent coupon payment date.
The payout at maturity will be par unless any index finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the lesser-performing index.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying indexes: | Dow Jones industrial average, S&P 500 and Russell 2000
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Amount: | $813,000
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Maturity: | Feb. 9, 2021
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Coupon: | 5.5% per year, payable quarterly if each index closes at or above its coupon barrier on related quarterly observation date
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its knock-in level, in which case full exposure to any losses of the least-performing index
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Call option: | Starting Nov. 12, in whole at par on any contingent coupon payment date
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Initial levels: | 2,932.47 for S&P, 1,614.976 for Russell, 26,438.48 for Dow
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Coupon barrier levels: | 2,052.729 for S&P, 1,130.4832 for Russell, 18,506.936 for Dow; 70% of initial levels
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Knock-in levels: | 2,052.729 for S&P, 1,130.4832 for Russell, 18,506.936 for Dow; 70% of initial levels
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Pricing date: | May 6
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Settlement date: | May 9
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.125%
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Cusip: | 22552FD66
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