Published on 11/7/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $956,000 contingent coupon autocallable yield notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – Credit Suisse AG, London Branch priced $956,000 of contingent coupon autocallable yield notes due May 5, 2020 linked to the lesser performing of the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 6.75% if each index closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par if each index closes above its initial level on any quarterly autocall observation date after six months.
The payout at maturity will be par unless either index finishes below its 60% knock-in, 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 autocallable yield notes
|
| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $956,000
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| Maturity: | May 5, 2020
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| Coupon: | 6.75% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to any losses of the lesser-performing index
|
| Call: | At par if each index closes above initial level on any quarterly autocall observation date after six months
|
| Initial levels: | 2,682.63 for S&P, 1,506.637 for Russell
|
| Barrier levels: | 1,609.578 for S&P, 903.9822 for Russell; 60% of initial levels
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| Knock-in levels: | 1,609.578 for S&P, 903.9822 for Russell; 60% of initial levels
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 5
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.15%
|
| Cusip: | 22551LD56
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