Published on 8/2/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.16 million contingent coupon autocallable yield notes on S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Aug. 2 – Credit Suisse AG, London Branch priced $5.16 million of contingent coupon autocallable yield notes due Nov. 2, 2020 linked to the lowest performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 7.25% if each index closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par if each index closes above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless either index finishes below its initial level and either index ever closes below its 70% knock-in level during the life of the notes, in which case investors will fully participate in the return of least-performing index with a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying indexes: | S&P 500, Nasdaq-100
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Amount: | $5,158,000
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Maturity: | Nov. 2, 2020
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Coupon: | 7.25% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless either index finishes below initial level and ever closes below 70% knock-in level, in which case full exposure to loss of least-performing index with maximum payout of par
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Call: | At par if each index closes at or above initial level on any quarterly trigger observation date after six months
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Initial levels: | 3,020.97 for S&P, 7,989.082 for Nasdaq
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Coupon barrier levels: | 2,114.679 for S&P, 5,592.3574 Nasdaq, 70% of initial levels
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Knock-in levels: | 2,114.679 for S&P, 5,592.3574 Nasdaq, 70% of initial levels
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Pricing date: | July 29
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Settlement date: | Aug. 1
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1%
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Cusip: | 22552FMG4
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