Published on 3/17/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $625,000 trigger callable contingent yield notes on indexes
By Marisa Wong
Morgantown, W.Va., March 17 – Credit Suisse AG, London Branch priced $625,000 of trigger callable contingent yield notes with daily coupon observation due Sept. 17, 2019 linked to the least performing of the S&P 500 index, the Nasdaq-100 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 at the rate of 10.2% per year if each index’s closing level remains at or above its coupon barrier, 70% of its initial level, on each day during 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 70% downside threshold 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, Nasdaq-100 and Euro Stoxx 50
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Amount: | $625,000
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Maturity: | Sept. 17, 2019
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Coupon: | 10.2% per year, payable quarterly if each index closes at or above its downside threshold level on each day during 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 level, 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: | 2,372.60 for S&P, 5,385.899 for Nasdaq, 3,416.27 for Euro Stoxx
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Coupon barriers: | 1,660.82 for S&P, 3,770.13 for Nasdaq, 2,391.39 for Euro Stoxx; 70% of initial levels
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Downside thresholds: | 1,660.82 for S&P, 3,770.13 for Nasdaq, 2,391.39 for Euro Stoxx; 70% of initial levels
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Trade date: | March 10
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Settlement date: | March 17
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Distributor: | UBS Financial Services Inc.
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Fees: | 1.5%
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Cusip: | 22549A521
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