Published on 1/25/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.81 million contingent income callable notes tied to three indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 25 – Credit Suisse AG priced $3.81 million of contingent income callable securities due Jan. 25, 2019 linked to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 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 13.3% if each index closes at or above its 75% coupon barrier on each day that quarter.
The notes will be callable at par on any quarterly redemption date beginning April 25, 2017.
The payout at maturity will be par plus the final contingent coupon unless any index finishes below its 75% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
Credit Suisse Securities (USA) LLC is the agent with distribution through Morgan Stanley Smith Barney LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Callable contingent income securities
|
| Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
|
| Amount: | $3,811,000
|
| Maturity: | Jan. 25, 2019
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| Coupon: | 13.3%, payable quarterly if each index closes above barrier every day that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any index finishes below knock-in level, in which case one-to-one exposure to loss of least performing index
|
| Call: | At par plus any coupon due on any quarterly redemption date beginning April 25
|
| Initial index levels: | 2,271.31 for S&P, 1,351.848 for Russell, 3,299.44 for Stoxx
|
| Barrier levels: | 1,703.48 for S&P, 1,013.886 for Russell, 2,474.58 for Stoxx, 75% of initial levels
|
| Pricing date: | Jan. 20
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| Settlement date: | Jan. 25
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 22548QT62
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