Published on 4/27/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $223,000 contingent coupon callable yield notes on S&P, Biotech ETF
By Wendy Van Sickle
Columbus, Ohio, April 27 – Credit Suisse AG, London Branch priced $223,000 of contingent coupon callable yield notes due April 27, 2020 linked to the lowest performing of the S&P 500 index and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8% if each asset closes at or above its barrier level, 60% of its initial level, on a quarterly observation date.
The notes are callable at par on any coupon payment date beginning Oct. 27, 2017.
The payout at maturity will be par unless either asset finishes below its 60% knock-in level, in which case investors will be exposed to any losses of the lesser-performing asset.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying assets: | S&P 500 index, SPDR S&P Biotech ETF
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| Amount: | $223,000
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| Maturity: | April 27, 2020
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| Coupon: | 8% per year, payable quarterly if each asset closes at or above its barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless either asset finishes below its knock-in level, in which case investors will be exposed to any losses of lesser-performing asset
|
| Call option: | At par on any coupon payment date beginning Oct. 27, 2017
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| Initial levels: | 2,374.15 for S&P 500, $69.16 for Biotech ETF
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| Barrier/knock-in levels: | 1,424.29 for S&P 500, $41.496 for Biotech ETF; 60% of initial levels
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| Pricing date: | April 24
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| Settlement date: | April 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.45%
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| Cusip: | 22548QZ40
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