Published on 1/31/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.33 million trigger autocallables linked to S&P, Nasdaq
By Angela McDaniels
Tacoma, Wash., Jan. 31 – Credit Suisse AG, London Branch priced $1.33 million of trigger autocallable contingent yield notes due Jan. 31, 2022 linked to the lesser performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 9.8% if each index closes at or above its downside threshold level, 70% of its initial level, on the observation date for that quarter.
Beginning July 29, 2019, the notes will be automatically called at par of $10 if each index closes at or above its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless either index finishes below its downside threshold level, in which case investors will be fully exposed to the decline of the lesser-performing index.
Credit Suisse Securities (USA) LLC and UBS Financial Services Inc. are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | S&P 500 and Nasdaq-100
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Amount: | $1,332,500
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Maturity: | Jan. 31, 2022
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Coupon: | 9.8%, payable quarterly if indexes close at or above downside thresholds on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | Par unless either index finishes below downside threshold, in which case full exposure to decline of lesser-performing index
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Call: | Beginning July 29, 2019, automatically at par if indexes close at or above initial levels on any quarterly observation date other than final one
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Initial index levels: | 2,640.00 for S&P 500 and 6,632.792 for Nasdaq-100
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Downside thresholds: | 1,848.00 for S&P 500 and 4,642.954 for Nasdaq-100; 70% of initial levels
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Pricing date: | Jan. 29
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Settlement date: | Jan. 31
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Agents: | Credit Suisse Securities (USA) LLC and UBS Financial Services Inc.
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Fees: | None
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Cusip: | 22549Y552
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