Published on 12/1/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.56 million contingent coupon callable notes on indexes
By Susanna Moon
Chicago, Dec. 1 – Credit Suisse AG priced $1.56 million of contingent coupon callable yield notes due Nov. 29, 2024 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes will be called at par if each index closes at or above initial level on any interest payment date.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $1,563,000
|
| Maturity: | Nov. 29, 2024
|
| Coupon: | 7% annualized, payable quarterly, if each index closes at or above its barrier level on observation date for quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index
|
| Call: | At par plus the contingent coupon if each index closes at or above initial level on any interest payment date
|
| Initial levels: | 1,186.94 for Russell and 2,069.41 for S&P
|
| Coupon barriers: | 890.205 for Russell and 1,552.0575 for S&P; 75% of initial levels
|
| Knock-in levels: | 712.164 for Russell and 1,241.646 for S&P; 60% of initial levels
|
| Pricing date: | Nov. 24
|
| Settlement date: | Nov. 28
|
| Agent: | Incapital LLC
|
| Fees: | 4.305%
|
| Cusip: | 22547QVL7
|
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