Published on 4/3/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $15 million autocallable securities on oil services ETF
By Wendy Van Sickle
Columbus, Ohio, April 3 – Credit Suisse AG, London Branch, priced $15 million of 0% autocallable securities due April 6, 2020 linked to the VanEck Vectors Oil Services exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium of 11% a year if the fund closes at or above its initial level on April 10, 2018 or March 28, 2019.
If the fund return is at least negative 30%, the payout at maturity will be par plus 33%. Otherwise, investors will lose 1% for each 1% decline.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable securities
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Underlying ETF: | VanEck Vectors Oil Services
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Amount: | $15 million
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Maturity: | April 6, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the fund return is at least negative 30%, par plus 33%; otherwise, investors will lose 1% for each 1% decline
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Call: | At par plus 11% per year if index closes at or above its initial level on April 10, 2018 or March 28, 2019
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Initial price: | $30.19
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Knock-in level: | $21.13, 70% of initial level
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Pricing date: | March 28
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Settlement date: | April 4
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Agents: | Credit Suisse Securities (USA) LLC
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Fees: | 1.25%
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Cusip: | 22548QYQ2
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