Published on 10/10/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $10.77 million market-linked step-up notes on index basket
By Kiku Steinfeld
Chicago, Oct. 10 – Credit Suisse AG, London Branch priced $10.77 million of 0% market-linked step-up notes due Nov. 27, 2020 linked to a basket of baskets, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index and the Nikkei Stock Average index each with an initial weight of 20%, the Swiss Market index and the S&P/ASX 200 index each with an initial weight of 7.5% and the Hang Seng index with an initial weight of 5%.
If the basket finishes at or above the step-up level – 112.52% of the initial level – the payout at maturity will be par of $10 plus the gain.
If the basket gains by up to the step-up level, the payout will be par plus the step-up payment of 12.52%.
Investors will be exposed to any losses.
BofA Securities, Inc. is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Market-linked step-up notes
|
| Underlying indexes: | Euro Stoxx 50 (40% weight), FTSE 100 and Nikkei Stock (20% weight each), Swiss Market and S&P/ASX 200 (7.5% weight each) and Hang Seng (5% weight)
|
| Amount: | $10,770,270
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| Maturity: | Nov. 27, 2020
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| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the basket finishes at or above step-up level, par plus gain; if basket gains by up to step-up level, par plus 12.52% otherwise, 1% loss for each 1% decline
|
| Initial levels: | 3,532.18 for Stoxx, 7,351.08 for FTSE, 22,048.24 for Nikkei, 10,010.71 for Swiss, 6,677.581 for S&P/ASX, 26,041.93 for Hang Seng
|
| Step-up value: | 12.52% of initial value
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 3
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 22550J601
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