Published on 7/3/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $14.02 million step-up autocalls tied to Russell
By Sarah Lizee
Olympia, Wash., July 3 – Credit Suisse AG, London branch priced $14,019,220 of 0% autocallable market-linked step-up notes due June 25, 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a call premium of 8.95% per year if the index closes at or above its initial level on July 12, 2019 or June 19, 2020.
If the index finishes above the step-up level – 130% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Credit Suisse AG, London branch
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | Russell 2000
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Amount: | $14,019,220
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Maturity: | June 25, 2021
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index gains by more than 30%, par plus return; if index gains by up to 30%, par plus 30%; exposure to any losses
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Call: | At par plus 8.95% per year if the index closes at or above its initial level on July 12, 2019 or June 19, 2020
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Initial level: | 1,645.017
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Step-up value: | 2,138.522, 130% of initial level
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Pricing date: | June 28
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Settlement date: | July 6
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 22548Y579
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