Published on 12/27/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $115,000 contingent coupon autocallable yield notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Dec. 27 – Credit Suisse AG, London Branch priced $115,000 of contingent coupon autocallable yield notes due Dec. 27, 2022 linked to the lesser performing of the Technology Select Sector SPDR fund, the Energy Select Sector SPDR fund and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 9% if each fund closes at or above its coupon barrier, 65% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each fund closes at or above 95% of its initial level on any quarterly trigger observation date starting on June 24.
The payout at maturity will be par unless any fund finishes below its 65% knock-in level, in which case investors will be fully exposed to any losses of the lesser performing fund.
Incapital LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Contingent coupon autocallable yield notes
|
Underlying funds: | Technology Select Sector SPDR fund, Energy Select Sector SPDR fund and Financial Select Sector SPDR fund
|
Amount: | $115,000
|
Maturity: | Dec. 27, 2022
|
Coupon: | 9% per year, payable quarterly if each fund closes at or above its coupon barrier on the quarterly observation date
|
Price: | Par
|
Payout at maturity: | Par unless any fund finishes below knock-in level, in which case full exposure to the losses of the lesser performing fund
|
Call: | Starting June 24, automatically at par if each fund closes at or above 95% of its initial level on any quarterly trigger observation date
|
Initial prices: | $59.20 for Technology, $56.11 for Energy, $22.79 for Financial
|
Coupon barriers/knock-ins: | $38.48 for Technology, $36.4715 for Energy, $14.8135 for Financial; 65% of initial levels
|
Pricing date: | Dec. 21
|
Settlement date: | Dec. 27
|
Agent: | Incapital LLC
|
Fees: | 3.9%
|
Cusip: | 22551LNJ5
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.