Published on 7/16/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 step-up contingent coupon callable yield notes
By Wendy Van Sickle
Columbus, Ohio, July 16 – Credit Suisse AG, London Branch, priced $500,000 of step-up contingent coupon callable yield notes due June 29, 2023 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon unless either index closes below its barrier level, 60% of its initial level, on the observation date for that quarter. The contingent coupon is 5% per annum initially, stepping up to 9% on June 29, 2021.
The payout at maturity will be par plus the final coupon, if any, unless either index finishes below its 60% knock-in level, in which case investors will lose 1% for each 1% decline of the lesser performing index.
The notes are callable in whole but not in part at par on any quarterly early redemption date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
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| Underlying index: | Russell 2000 and S&P 500
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| Amount: | $500,000
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| Maturity: | June 29, 2023
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| Coupon: | Each quarter, notes pay contingent coupon unless either index closes below barrier level on observation date for that quarter; coupon is 5% per annum initially, stepping up to 9% on June 29, 2021
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below knock-in level, in which case 1% loss for each 1% decline of lesser-performing index
|
| Call option: | In whole, at par on any quarterly early redemption date
|
| Initial levels: | 1,668.527 for Russell, 3,368.72 for S&P
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| Barrier levels: | 1,001.1162 for Russell, 1,633.836 for S&P, 60% of initial level
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| Knock-in levels: | 1,001.1162 for Russell, 1,633.836 for S&P, 60% of initial level
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.5%
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| Cusip: | 22550WWW3
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