Published on 2/9/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $7.82 million 11.5% contingent income callables tied to indexes
By Susanna Moon
Chicago, Feb. 9 – Credit Suisse AG, London Branch priced $7.82 million of callable contingent income securities due Jan. 31, 2023 linked to the Nikkei 225 index, the Russell 2000 index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annul rate of 11.5% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The payout at maturity will be par plus the contingent coupon unless any index finishes below its 65% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Callable contingent income securities
|
| Underlying indexes: | Nikkei 225, Russell 2000 and Euro Stoxx Banks
|
| Amount: | $7.82 million
|
| Maturity: | Jan. 31, 2023
|
| Coupon: | 11.5% annualized, payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above 65% knock-in level, par; otherwise, 1% loss per 1% decline of worst performing index
|
| Call option: | At par on any interest payment date beginning May 1, 2018
|
| Initial index levels: | 23,631.88 for Nikkei, 1,608.058 for Russell and 143.04 for Stoxx Banks
|
| Coupon barriers: | 16,542.32 for Nikkei, 1,125.641 for Russell and 100.13 for Stoxx Banks; 70% of initial levels
|
| Knock-in levels: | 15,360.72 for Nikkei, 1,045.238 for Russell and 92.98 for Stoxx Banks; 65% of initial levels
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.5%
|
| Cusip: | 22550W7G6
|
|
|
|
|
© 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.
