Published on 3/14/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $569,000 contingent coupon autocallable yield notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, March 14 – Credit Suisse AG, London Branch priced $569,000 of contingent coupon autocallable yield notes due Sept. 14, 2020 linked to the least performing of the Dow Jones industrial average, the iShares MSCI Emerging Markets ETF and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 9% if each asset closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each asset closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any asset finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least performing asset.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying assets: | Dow Jones industrial average, iShares MSCI Emerging Markets ETF, SPDR S&P Biotech ETF
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| Amount: | $569,000
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| Maturity: | Sept. 14, 2020
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| Coupon: | 9% per year, payable quarterly if each fund closes at or above its coupon barrier on the quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below knock-in level, in which case full exposure to the losses of the least performing asset
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| Call: | Automatically at par if each asset closes at or above its initial level on any quarterly trigger observation date
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| Initial prices: | 25,450.24 for Dow Jones, $46.14 for Emerging Markets, $86.46 for Biotech
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| Coupon barriers: | 17,815.168 for Dow Jones, $29.148 for Emerging Markets, $60.522 for Biotech; 70% of initial levels
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| Knock-ins: | 15,270.144 for Dow Jones, $24.984 for Emerging Markets, $51.876 for Biotech; 60% of initial levels
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| Pricing date: | March 8
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| Settlement date: | March 13
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.675%
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| Cusip: | 22552F2K7
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