Published on 4/26/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.53 million step-up contingent coupon callable yield notes
By Wendy Van Sickle
Columbus, Ohio, April 26 – Credit Suisse AG, London Branch, priced $1.53 million of step-up contingent coupon callable yield notes due April 28, 2027 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon unless the index closes below its barrier level, 70% of its initial level, on the observation date for that month. The contingent coupon is 7% per annum initially, stepping up to 13% on April 28, 2022.
The payout at maturity will be par plus the final coupon, if any, unless the index finishes below its 50% knock-in level, in which case investors will lose 1% for each 1% decline of the index.
The notes are callable in whole but not in part at par on any quarterly early redemption date beginning on April 30, 2018.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Step-up contingent coupon callable yield notes
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| Underlying index: | Russell 2000
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| Amount: | $1,528,000
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| Maturity: | April 28, 2027
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| Coupon: | Each month, notes pay contingent coupon unless index closes below barrier level on observation date for that month; coupon is 7% per annum initially, stepping up to 13% April 28, 2022
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| Price: | Par
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| Payout at maturity: | Par unless index finishes below knock-in level, in which case 1% loss for each 1% decline of index
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| Call option: | In whole, at par on any quarterly early redemption date beginning on April 30, 2018
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| Initial level: | 1,397.942
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| Barrier level: | 978.5594, 70% of initial level
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| Knock-in level: | 698.971, 50% of initial level
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| Pricing date: | April 24
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| Settlement date: | April 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4.37%
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| Cusip: | 22548QZA6
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