Published on 7/25/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $720,000 contingent coupon callable yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, July 25 – Credit Suisse AG, London Branch priced $720,000 of contingent coupon callable yield notes due April 20, 2020 linked to the least performing of the Russell 2000 index, the iShares MSCI Emerging Markets exchange-traded fund and the S&P 500 index according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 7% if each underlying asset closes at or above its coupon barrier level, 75% of its initial level, on the related observation date.
Credit Suisse may call the notes in whole but not in part at par on any quarterly early redemption date.
The payout at maturity will be par unless any asset finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the least-performing asset.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying assets: | Russell 2000 index, iShares MSCI Emerging Markets ETF, S&P 500 index
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| Amount: | $720,000
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| Maturity: | April 20, 2020
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| Coupon: | 7% per year, payable quarterly if each underlying asset 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 any asset finishes below its knock-in, in which case full exposure to any losses of the least-performing asset
|
| Call option: | Callable at par on any quarterly early redemption date
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| Initial levels: | 1,687.079 for Russell, $43.85 for ETF, 2,801.31 for S&P
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| Coupon barrier: | 1,265.30925 for Russell, $32.8875 for ETF, 2,100.9825 for S&P; 75% of initial levels
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| Knock-in levels: | 1,180.9553 for Russell, $30.695 for ETF, 1,960.917 for S&P; 70% of initial levels
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| Pricing date: | July 13
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| Settlement date: | July 18
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.325%
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| Cusip: | 22550BV59
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