Published on 5/21/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.09 million contingent income autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, May 21 – Credit Suisse AG, London Branch priced $5.09 million of contingent income autocallable securities due May 21, 2020 linked to the S&P 500 index and the MSCI Emerging Markets index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each index closes at or above its 80% coupon barrier every day that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly review date other than the final one.
The payout at maturity will be par unless any underlying index finishes below its 80% downside threshold level, in which case investors will be fully exposed to any losses of the worst performing index.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable contingent income securities
|
| Underlying indexes: | S&P 500 index and MSCI Emerging Markets index
|
| Amount: | $5.09 million
|
| Maturity: | May 21, 2020
|
| Coupon: | 10% annualized, payable quarterly if each index closes at or above coupon barrier every day that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call: | At par if each index closes at or above its initial level on any quarterly call date other than the final one
|
| Initial levels: | 2,876.32 for S&P and 1,011.15 for Emerging Markets
|
| Coupon barriers: | 2,301.06 for S&P and 808.92 for Emerging Markets, 80% of initial levels
|
| Downside thresholds: | 2,301.06 for S&P and 808.92 for Emerging Markets, 80% of initial levels
|
| Pricing date: | May 16
|
| Settlement date: | May 21
|
| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC handling distribution
|
| Fees: | 1.75%
|
|
|
| Cusip: | 22552FFQ0
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
