Published on 6/17/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.74 million contingent coupon callable yield notes on indexes
By Kiku Steinfeld
Chicago, June 17 – Credit Suisse AG, London Branch, priced $1.74 million of contingent coupon callable yield notes due June 8, 2022 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 14.25% per year if each index closes at or above its coupon barrier level, 75% of its initial level, on the related observation date.
The notes are callable, in whole but not in part, at par plus any coupon on any quarterly observation date.
The payout at maturity will be par unless any index finishes below its 75% knock-in level, in which case investors will be exposed to the decline of the least-performing index from its initial level.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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Amount: | $1,740,000
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Maturity: | June 8, 2022
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Coupon: | 14.25% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par unless any index finishes below knock-in level, in which case exposure to decline of least-performing index
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Call option: | Callable in whole at par plus any coupon on any quarterly observation date
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Initial levels: | 3112.35 for S&P, 1452.063 for Russell, 3261.67 for Stoxx
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Coupon barriers: | 2334.26 for S&P, 1089.047 for Russell, 2446.25 for Stoxx; 75% of initial levels
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Knock-in levels: | 2334.26 for S&P, 1089.047 for Russell, 2446.25 for Stoxx; 75% of initial levels
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Pricing date: | June 4
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Settlement date: | June 9
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Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 1.5%
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Cusip: | 22552W6E0
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