Published on 5/31/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.58 million contingent coupon callable yield notes on index, ETF
By Sarah Lizee
Olympia, Wash., May 31 – Credit Suisse AG, London Branch priced $1.58 million of contingent coupon callable yield notes due May 31, 2022 linked to the least performing of the Euro Stoxx 50 index and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annualized rate of 11.05% if each underlying asset closes at or above its coupon barrier level, 60% 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 semiannual call observation date.
The payout at maturity will be par unless either asset finishes below its 60% 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
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF, Euro Stoxx 50 index
|
| Amount: | $1,583,000
|
| Maturity: | May 31, 2022
|
| Coupon: | 11.05% per year, payable semiannually if each underlying asset closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either 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 semiannual call observation date
|
| Initial levels: | $27.12 for ETF, 3,350.70 for index
|
| Coupon barrier: | $16.272 for ETF, 2,010.42 for index; 60% of initial levels
|
| Knock-in levels: | $16.272 for ETF, 2,010.42 for index; 60% of initial levels
|
| Pricing date: | May 24
|
| Settlement date: | May 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Cusip: | 22552FEL2
|
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