Published on 7/3/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million step-up contingent coupon callable yield notes on Nasdaq, Russell
By Sarah Lizee
Olympia, Wash., July 3 – Credit Suisse AG, London Branch, priced $1 million of step-up contingent coupon callable yield notes due June 28, 2022 tied to the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon unless either index closes below its barrier level, 70% of its initial level, on the observation date for that quarter. The contingent coupon is 5% per annum initially, stepping up to 7% on Sept. 28, 2020 and to 10% on Sept. 28, 2021.
The payout at maturity will be par plus the final coupon unless either index finishes below its 70% knock-in level, in which case investors will lose 1% for each 1% decline of the lesser performing index.
The notes are callable in whole but not in part at par on any quarterly early redemption date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
|
| Underlying index: | Russell 2000 and Nasdaq-100
|
| Amount: | $1 million
|
| Maturity: | June 28, 2022
|
| Coupon: | Each quarter, notes pay contingent coupon unless either index closes below barrier level on observation date for that quarter; coupon is 5% per annum initially, stepping up to 7% on Sept. 28, 2020 and to 10% on Sept. 28, 2021
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below knock-in level, in which case 1% loss for each 1% decline of lesser-performing index
|
| Call option: | In whole, at par on any quarterly early redemption date
|
| Initial levels: | 1,521.035 for Russell, 7,591.536 for Nasdaq
|
| Barrier levels: | 1,064.7245 for Russell, 5,314.0752 for Nasdaq, 70% of initial level
|
| Knock-in levels: | 1,064.7245 for Russell, 5,314.0752 for Nasdaq, 70% of initial level
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.5%
|
| Cusip: | 22552FHU9
|
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