Published on 10/15/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.48 million autocallable yield notes on indexes, ETF
By Sarah Lizee
Olympia, Wash., Oct. 15 – Credit Suisse AG, London Branch priced $1.48 million of contingent coupon autocallable yield notes due July 15, 2020 linked to the least performing of the Russell 2000 index, the Euro Stoxx Banks index and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 9% if each asset closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any 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 autocallable yield notes
|
| Underlying assets: | Russell 2000 index, Euro Stoxx Banks index and Invesco QQQ Trust, Series 1
|
| Amount: | $1,483,000
|
| Maturity: | July 15, 2020
|
| Coupon: | 9% per year, payable quarterly if each asset closes at or above its barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below knock-in level, in which case full exposure to any losses of the least-performing asset
|
| Call: | Automatically at par if each asset closes at or above its initial level on any quarterly observation date
|
| Initial levels: | 1,575.412 for Russell, 104.28 for Stoxx, $171.73 for Invesco
|
| Coupon barrier levels: | 1,102.7884 for Russell, 72.996 for Stoxx, $120.211for Invesco, 70% of initial levels
|
| Knock-in levels: | 945.2472 for Russell, 62.568 for Stoxx, $103.038 for Invesco, 60% of initial levels
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 15
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.725%
|
| Cusip: | 22551LF21
|
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