Published on 10/30/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.6 million step-up contingent coupon notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Oct. 30 – Credit Suisse AG, London Branch priced $1.6 million of step-up contingent coupon callable yield notes due Oct. 31, 2029 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if the index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter. The contingent coupon rate is 7% per year in years one through five, 8% per year in years six through 10 and 9% per year in years 11 through 15.
The payout at maturity will be par unless the index finishes below its knock-in level, 50% of its initial level, in which case investors will be fully exposed to the index’s decline.
The notes are callable at par on any interest payment 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: | S&P 500
|
| Amount: | $1,604,000
|
| Maturity: | Oct. 31, 2029
|
| Contingent coupon: | Each quarter, notes pay contingent coupon if index closes at or above coupon barrier level on observation date for that quarter; contingent coupon rate is 7% per year in years one through five, 8% per year in years six through 10 and 9% per year in years 11 through 15
|
| Price: | Par
|
| Payout at maturity: | If final index level is greater than or equal to knock-in level, par; otherwise, full exposure to decline of index
|
| Call option: | At par on any interest payment date
|
| Initial index level: | 1,985.050
|
| Coupon barrier: | 1,488.788, 75% of initial level
|
| Knock-in level: | 992.525, 50% of initial level
|
| Pricing date: | Oct. 28
|
| Settlement date: | Oct. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4.58%
|
| Cusip: | 22547QUA2
|
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