Published on 2/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.61 million contingent coupon autocallable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 6 – Credit Suisse AG, London Branch priced $4.61 million of contingent coupon autocallable yield notes due May 5, 2020 linked to the least performing of the Nasdaq-100 index and the 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 11% if each index closes at or above its barrier level, 70% 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 initial level and either index ever closes below its 70% knock-in, in which case investors will be fully exposed to any losses of the least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying indexes: | Nasdaq-100, S&P 500
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| Amount: | $4,614,000
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| Maturity: | May 5, 2020
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| Coupon: | 11% 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 its initial level and either index ever closes below knock-in level, in which case full exposure to any losses of the least-performing index
|
| Call: | At par if each index closes above initial level on any quarterly call observation date after six months
|
| Initial levels: | 2,704.10 for S&P and 6,906.839 for Nasdaq
|
| Barrier levels: | 1,892.87 for S&P and 4,834.7873 for Nasdaq; 70% of initial levels
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| Knock-in levels: | 1,892.87 for S&P and 4,834.7873 for Nasdaq; 70% of initial levels
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 5
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1%
|
| Cusip: | 22551LR51
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