Published on 9/19/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $9.94 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 19 – Credit Suisse AG, London Branch priced $9.94 million of trigger callable contingent yield notes with daily coupon observation due Sept. 10, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon of 12.04% per year if each index’s closing level is at or above its coupon barrier, 75% of its initial level, on each day that quarter.
The notes are callable at par of $10 on each quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 75% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. is acting as distributor.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger callable contingent yield notes with daily coupon observation
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Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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Amount: | $9,935,500
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Maturity: | Sept. 10, 2021
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Coupon: | 12.04% per year, payable quarterly if each index closes at or above its coupon barrier on each day that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on each quarterly observation date other than final one
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Initial levels: | 2,871.68 for S&P, 1,713.18 for Russell, 3,293.36 for Stoxx
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Coupon barriers: | 2,153.76 for S&P, 1,284.885 for Russell, 2,470.02 for Stoxx; 75% of initial levels
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Downside thresholds: | 2,153.76 for S&P, 1,284.885 for Russell, 2,470.02 for Stoxx; 75% of initial levels
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Pricing date: | Sept. 7
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Settlement date: | Sept. 12
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Distributor: | UBS Financial Services Inc.
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Fees: | 1%
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Cusip: | 22549R342
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