Published on 9/26/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.2 million contingent coupon buffered autocallables on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Sept. 26 – Credit Suisse AG, London Branch priced $2.2 million of contingent coupon buffered autocallable yield notes due Sept. 27, 2021 linked to the least performing of the S&P 500 index and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 7.1% if each asset closes at or above its 80% coupon barrier on the related monthly observation date.
The notes will be called at par if each asset closes at or above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par unless either asset falls by more than 20%, in which case investors will lose 1.25% for each 1% decline of the worse performing asset beyond the 20% buffer.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon buffered autocallable yield notes
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| Underlying assets: | S&P 500 index, Financial Select Sector SPDR Fund
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| Amount: | $2,197,000
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| Maturity: | Sept. 27, 2021
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| Coupon: | 7.1% annualized, payable monthly if each asset closes at or above its coupon barrier on related monthly observation date
|
| Price: | Par
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| Payout at maturity: | Par unless either asset falls by more than 20%, in which case 1.25% loss for each 1% decline of worse performing asset beyond 20%
|
| Call: | At par if each asset closes at or above initial level on any quarterly call observation date after one year
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| Initial index levels: | 2,930.75 for S&P 500 index and $28.98 for fund
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| Coupon barriers: | 2,344.6 for S&P 500 index and $23.184 for fund; 80% of initial levels
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| Agent: | Credit Suisse Securities (USA) LLC
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 26
|
| Fees: | 0.1%
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| Cusip: | 22551LC32
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