Published on 9/9/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $5 million trigger phoenix callable notes on three indexes
By Jennifer Chiou
New York, Sept. 9 – Credit Suisse AG, London Branch priced $5 million trigger phoenix callable optimization securities due Sept. 11, 2024 linked to the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index finishes at or above its coupon barrier, 65% of its initial level, on a quarterly observation date, the issuer will pay a contingent coupon of 10.03% per year.
The payout at maturity will be par plus the coupon if each index finishes at or above its 65% trigger level. Otherwise, investors will be fully exposed to the decline of the worst-performing index from the initial level.
The notes are callable at par plus the coupon on any quarterly observation date after one year.
UBS Financial Services Inc. is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger phoenix callable optimization securities
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| Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
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| Amount: | $5 million
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| Maturity: | Sept. 11, 2024
|
| Coupon: | 10.03%, payable quarterly only if all indexes close at or above their coupon barriers on observation date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If each index finishes at or above its coupon barrier/trigger level, par plus coupon; otherwise, par plus return of worst-performing index, with full exposure to losses
|
| Call option: | At par plus contingent coupon, if any, on any quarterly observation date beginning on Sept. 8, 2015
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| Initial index levels: | 3,275.25 for Euro Stoxx, 2,007.71 for S&P 500 and 1,170.13 for Russell
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| Coupon barrier/trigger: | 65% of initial levels
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| Pricing date: | Sept. 5
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| Settlement date: | Sept. 10
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| Agent: | UBS Financial Services Inc.
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| Fees: | 1.4%
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| Cusip: | 22547T183
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