Published on 10/2/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1 million step-up contingent coupon notes linked to Russell, Euro Stoxx
By Angela McDaniels
Tacoma, Wash., Oct. 2 – Credit Suisse AG, London Branch priced $1 million of step-up contingent coupon callable yield notes due Sept. 29, 2027 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter. The contingent coupon rate is 8.5% per year in years one through five and 10.5% per year in years six through 10.
The payout at maturity will be par unless either index finishes below its knock-in level, 60% of its initial level, in which case investors will be fully exposed to the losses of the worse-performing index.
Beginning Sept. 28, 2018, the notes will be callable at par quarterly.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
|
| Underlying indexes: | Euro Stoxx 50 and Russell 2000
|
| Amount: | $1 million
|
| Maturity: | Sept. 29, 2027
|
| Coupon: | Contingent coupon payable quarter if each index closes at or above coupon barrier level on observation date for that quarter; contingent coupon rate is 8.5% per year in years one through five and 10.5% per year in years six through 10
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to losses of worse-performing index
|
| Call option: | Beginning Sept. 28, 2018, callable at par quarterly
|
| Initial index levels: | 1,456.863 for Russell 2000 and 3,536.38 for Euro Stoxx 50
|
| Coupon barriers: | 1,092.64725 for Russell 2000 and 2,652.285 for Euro Stoxx 50; 75% of initial levels
|
| Knock-in levels: | 874.1178 for Russell 2000 and 2,121.828 for Euro Stoxx 50; 60% of initial levels
|
| Pricing date: | Sept. 26
|
| Settlement date: | Sept. 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4.5%
|
| Cusip: | 22550BHH9
|
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