Published on 6/7/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $5.34 million trigger callable contingent yield notes linked to indexes
By Angela McDaniels
Tacoma, Wash., June 7 – Credit Suisse AG, London Branch priced $5.34 million of trigger callable contingent yield notes with daily coupon observation due June 11, 2018 linked to the least 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.
Each quarter, the notes pay a contingent coupon at the rate of 11% per year if each index’s closing level remains at or above its trigger level, 65% of its initial level, on each day during that quarter.
The notes are callable at par of $10 on each quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
The initial level for each index is its closing level on June 2, the day prior to the trade date.
UBS Financial Services Inc. is acting as distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger callable contingent yield notes with daily coupon observation
|
| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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| Amount: | $5.34 million
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| Maturity: | June 11, 2018
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| Coupon: | 11% per year, payable quarterly if each index closes at or above its trigger level on each day during that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If each index finishes at or above trigger level, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
|
| Call option: | At par on each quarterly observation date other than final one
|
| Initial levels: | 3,033.86 for Euro Stoxx 50, 1,170.584 for Russell 2000 and 2,105.26 for S&P 500
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| Trigger levels: | 1,972.01 for Euro Stoxx 50, 760.880 for Russell 2000 and 1,368.42 for S&P 500; 65% of initial levels
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| Strike date: | June 2
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| Trade date: | June 3
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| Settlement date: | June 10
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| Distributor: | UBS Financial Services Inc.
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| Fees: | 1%
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| Cusip: | 22548R525
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