Published on 12/4/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $6.38 million trigger absolute return step notes on S&P
By Sarah Lizee
Olympia, Wash., Dec. 4 – Credit Suisse AG, London Branch priced $6.38 million of 0% trigger absolute return step securities due Nov. 30, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to the initial level, the payout at maturity will be par of $10 plus the greater of the step return and the index return. The step return is 35%.
If the final index level is less than the initial level but greater than or equal to the downside threshold level, 75% of the initial level, the payout will be par plus the absolute value of the index return.
If the final level is less than the downside threshold level, investors will lose 1% for every 1% that the final level is less than the initial level.
UBS Financial Services Inc. is distributor.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger absolute return step securities
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Underlying index: | S&P 500
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Amount: | $6,381,800
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Maturity: | Nov. 30, 2023
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the final index level is greater than or equal to the initial index level, par plus the greater of 35% and the index return; if the final index level is less than the initial index level but greater than or equal to the downside threshold level, par plus the absolute value of the index return; otherwise, 1% loss for every 1% that the final index level is less than the initial index level
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Initial level: | 2,682.17
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Downside threshold: | 2,011.63, 75% of initial level
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Pricing date: | Nov. 27
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Settlement date: | Nov. 30
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Distributor: | UBS Financial Services Inc.
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Fees: | 3.5%
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Cusip: | 22549R821
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