Published on 8/1/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $377,000 contingent coupon autocallable yield notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Credit Suisse AG, London Branch priced $377,000 of contingent coupon autocallable yield notes due May 3, 2021 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 quarterly coupon at an annualized rate of 6.85% 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 trigger observation date.
The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will fully participate in the return of least-performing index with a maximum payout of par.
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: | S&P 500, Russell 2000
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| Amount: | $377,000
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| Maturity: | May 3, 2021
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| Coupon: | 6.85% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its 70% knock-in level, in which case full exposure to loss of least-performing index with maximum payout of par
|
| Call: | At par if each index closes at or above initial level on any quarterly trigger observation date
|
| Initial levels: | 3,020.97 for S&P, 1,569.025 for Russell
|
| Coupon barrier levels: | 2,114.697 for S&P, 1,098.3175 Russell, 70% of initial levels
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| Knock-in levels: | 2,114.697 for S&P, 1,098.3175 Russell, 70% of initial levels
|
| Pricing date: | July 29
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| Settlement date: | Aug. 1
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.8%
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| Cusip: | 22552FNB4
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