Published on 7/14/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $535,000 contingent coupon autocallable yield notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, July 14 – Credit Suisse AG, London Branch priced $535,000 of contingent coupon autocallable yield notes due April 12, 2021 linked to the lowest performing of the Euro Stoxx 50 index, the Technology Select Sector SPDR fund and the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8.5% if each asset closes at or above its barrier level, 70% of its initial level, on a quarterly observation date.
The notes will be called automatically if each asset closes at or above its initial level on any quarterly call observation date beginning in January.
The payout at maturity will be par unless any asset finishes below its 70% 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
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying assets: | Euro Stoxx 50 index, Technology Select Sector SPDR fund and SPDR S&P Regional Banking exchange-traded fund
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| Amount: | $535,000
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| Maturity: | April 12, 2021
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| Coupon: | 8.5% per year, payable quarterly if each asset closes at or above its barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below its knock-in level, in which case full exposure to any losses of the least-performing asset
|
| Call: | Automatically if each asset closes at or above its initial level on any quarterly call observation date beginning in January
|
| Initial levels: | $54.38 for Technology, $55.42 for Regional Banking 3,462.06 for Stoxx
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| Barrier/knock-in levels: | $38.066 for Technology, $38.794 for Regional Banking, 2,423.442 for Stoxx; 70% of initial levels
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| Pricing date: | July 6
|
| Settlement date: | July 11
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.95%
|
| Cusip: | 22550BCB7
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