Published on 10/30/2013 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.58 million autocallables on S&P 500, Euro Stoxx
By Marisa Wong
Madison, Wis., Oct. 30 - Credit Suisse AG, London Branch priced $1.58 million of 0% autocallable securities due Oct. 31, 2016 linked to the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a redemption premium of 12.25% per year if each underlying index closes at or above its trigger level on any of three annual review dates. The trigger level is 100% of the initial level for the first review date, 95% of the initial level for the second review date and 90% of the initial level for the third review date.
If the notes are not called, the payout at maturity will be par plus the underlying return of the lower performing index.
If the index finishes below its initial level but at or above the 80% knock-in level, the underlying return will equal zero. Otherwise, the underlying return will equal the index return.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
|
| Underlying indexes: | S&P 500 and Euro Stoxx 50
|
| Amount: | $1.58 million
|
| Maturity: | Oct. 31, 2016
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus underlying return of lower performing index; if index finishes below its initial level but at or above knock-in level, underlying return will equal zero, otherwise, underlying return will equal index return
|
| Call: | Automatically at par plus 12.25% per year if each underlying index closes at or above its trigger level on any of three annual review dates; trigger level is 100% of initial level for first review date, 95% of initial level for second review date and 90% of initial level for third review date
|
| Initial levels: | 1,762.11 for S&P, 3,022.04 for Euro Stoxx
|
| Knock-in levels: | 1,409.688 for S&P, 2,417.632 for Euro Stoxx; 80% of initial levels
|
| Pricing date: | Oct. 28
|
| Settlement date: | Oct. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22547QBW5
|
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