Published on 11/20/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1 million autocallable notes tied to four indexes
By Toni Weeks
San Luis Obispo, Calif., Nov. 20 – Credit Suisse AG, London Branch priced $1 million of autocallable securities due Nov. 20, 2019 linked to the S&P 500 index, the Euro Stoxx 50 index, the FTSE 100 index and the Nikkei 225 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a redemption premium of 12.65% per year if each underlying index closes at or above its trigger level on any semiannual review date beginning May 15, 2015. The trigger level is 100% of the initial level for the first through ninth review dates and 70% of the initial level for the 10th review date.
If the notes are not called, the payout at maturity will be par plus the underlying return of the lowest-performing index.
If an index finishes at or above the 70% knock-in level, its underlying return will equal zero. Otherwise, the underlying return will equal the index return.
Citigroup Global Markets Inc. is the placement agent.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Autocallable securities
|
Underlying indexes: | S&P 500, Euro Stoxx 50, FTSE 100 and Nikkei 225
|
Amount: | $1 million
|
Maturity: | Nov. 20, 2019
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | Par if lower-performing index finishes at or above 70% knock-in level; otherwise, par plus return of lower-performing index
|
Call: | At par plus 12.65% per year if each index closes at or above trigger level on any semiannual review date beginning May 15, 2015
|
Initial levels: | 2,041.32 for S&P 500, 3,084.79 for Euro Stoxx, 6,671.97 for FTSE 100 and 16,973.8 for Nikkei
|
Knock-in levels: | 1,428.924 for S&P 500, 2,159.353 for Euro Stoxx, 4,670.379 for FTSE 100 and 11,881.66 for Nikkei; 70% of initial levels
|
Trigger levels: | 100% of initial levels for first through ninth review dates and 70% of the initial level for the 10th review date
|
Pricing date: | Nov. 17
|
Settlement date: | Nov. 20
|
Agent: | Citigroup Global Markets Inc. (placement)
|
Fees: | 1.25%
|
Cusip: | 22547QX35
|
© 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.