Published on 6/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $512,000 contingent coupon autocallable yield notes on S&P, Nasdaq
By Sarah Lizee
Olympia, Wash., June 6 – Credit Suisse AG, London Branch priced $512,000 of contingent coupon autocallable yield notes due Sept. 8, 2020 linked to the lowest performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 7.5% if each index closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par if each index closes above its initial level on any quarterly trigger observation date after six months
The payout at maturity will be par unless either index ever closes below its 70% knock-in level during the life of the notes, in which case investors will have full exposure to the decline of the lesser performing index, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying indexes: | S&P 500, Nasdaq-100
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| Amount: | $512,000
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| Maturity: | Sept. 8, 2020
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| Coupon: | 7.5% per year, payable quarterly if each index 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 either index ever closes below its knock-in level during the life of the notes, in which case investors will have full exposure to the decline of the lesser performing index, subject to a maximum payout of par
|
| Call: | At par if each index closes above initial level on any quarterly trigger observation date after six months
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| Initial levels: | 2,752.06 for S&P, 7,127.956 for Nasdaq
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| Coupon barrier levels: | 1,926.442 for S&P, 4,989.5692 for Nasdaq, 70% of initial levels
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| Knock-in levels: | 1,926.442 for S&P, 4,989.5692 for Nasdaq, 70% of initial levels
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22552FD74
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