Published on 5/29/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.7 million contingent coupon callable yield notes on S&P, Russell
By Sarah Lizee
Olympia, Wash., May 29 – Credit Suisse AG, London Branch priced $2.7 million of contingent coupon callable yield notes due Feb. 24, 2021 linked to the lesser performing of 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 pay a contingent coupon at the rate of 8.75% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes are callable at par quarterly starting on Aug. 26.
The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will be fully exposed to the decline 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: | Russell 2000 and S&P 500
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Amount: | $2,696,000
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Maturity: | Feb. 24, 2021
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Coupon: | Each quarter, notes pay contingent coupon at rate of 8.75% per year if each index closes at or above coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to decline of lesser-performing index
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Call option: | At par quarterly beginning Aug. 26
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Initial levels: | 2,864.36 for S&P and 1,545.248 for Russell
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Coupon barriers: | 2,005.052 for S&P 500 and 1,081.6736 for Russell 2000, or 70% of initial levels
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Knock-in levels: | 2,005.052 for S&P 500 and 1,081.6736 for Russell 2000, or 70% of initial levels
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Pricing date: | May 21
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Settlement date: | May 24
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.725%
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Cusip: | 22552FEZ1
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