Published on 4/27/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.51 million contingent coupon callable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, April 27 – Credit Suisse AG, London Branch priced $2.51 million of contingent coupon callable yield notes due April 27, 2022 linked to the lowest performing of 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 monthly coupon at an annualized rate of 6% if each index closes at or above its barrier level, 60% of its initial level, on a monthly observation date.
The notes will be callable at par on any quarterly call date beginning April 27, 2018.
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 lesser-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | S&P 500, Russell 2000
|
| Amount: | $2,513,000
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| Maturity: | April 27, 2022
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| Coupon: | 6% per year, payable monthly if each index closes at or above its barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its knock-in level, in which case full exposure to any losses of the lesser-performing index
|
| Call option: | At par on any quarterly call date beginning April 27, 2018
|
| Initial levels: | 1,397.942 for Russell, 2,374.15 for S&P
|
| Barrier/knock-in levels: | 838.7652 for Russell, 1,424.49 for S&P; 60% of initial levels
|
| Pricing date: | April 24
|
| Settlement date: | April 27
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.325%
|
| Cusip: | 22548QYD1
|
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