Published on 7/24/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $675,000 contingent coupon callable yield notes tied to indexes
By Marisa Wong
Morgantown, W.Va., July 24 – Credit Suisse AG, London Branch priced $675,000 of contingent coupon callable yield notes due Jan. 11, 2021 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 9.2% per year unless any index closes below its 65% coupon barrier on the observation date for that quarter.
The payout at maturity will be par unless any index finishes below its 65% knock-in level, in which case investors will lose 1% for each 1% decline of the worst performing index.
Beginning Jan. 11, 2018, the notes will be callable at par on any contingent coupon payment date prior to maturity.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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Amount: | $675,000
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Maturity: | Jan. 11, 2021
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Coupon: | 9.2% per year, payable quarterly unless any index closes below coupon barrier on observation date for quarter
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Price: | Par of $1,000
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Payout at maturity: | Par unless any index finishes below knock-in level, in which case 1% loss for each 1% decline of worst performing index
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Call option: | At par on any contingent coupon payment date other than the maturity date, beginning Jan. 11, 2018
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Initial levels: | 2,409.75 for S&P, 1,400.815 for Russell, 3,462.06 for Euro Stoxx
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Coupon barriers: | 1,566.3375 for S&P, 910.52975 for Russell, 2,250.339 for Euro Stoxx; 65% of initial levels
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Knock-in levels: | 1,566.3375 for S&P, 910.52975 for Russell, 2,250.339 for Euro Stoxx; 65% of initial levels
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Pricing date: | July 6
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Settlement date: | July 11
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.125%
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Cusip: | 22550BCP6
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