Published on 8/30/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.33 million trigger autocallable contingent yield notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Aug. 30 – Credit Suisse AG, London Branch priced $1.33 million of trigger autocallable contingent yield notes due Sept. 2, 2022 linked to the iShares MSCI Emerging Markets ETF and the Hang Seng China Enterprises index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.85% if each asset closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
After six months, the notes will be called at par if each asset closes at or above its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless either asset finishes below the 70% downside threshold level, in which case investors will be fully exposed to any losses of the worse performing asset.
UBS Financial Services Inc. is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying assets: | iShares MSCI Emerging Markets ETF and Hang Seng China Enterprises index
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| Amount: | $1,329,650
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| Maturity: | Sept. 2, 2022
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| Coupon: | 7.85% per year, payable quarterly if each asset closes at or above coupon barrier on observation date
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| Price: | Par of $10
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| Call: | After six months, at par plus contingent coupon if each asset closes at or above initial level on any quarterly observation date other than the final one
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| Payout at maturity: | Par unless asset closes below 70% trigger level, in which case full exposure to loss of worse-performing asset
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| Initial levels: | 9,980.73 for index, $39.44 for ETF
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| Coupon barrier level: | 6,986.51 for index, $27.61 for ETF 70% of initial levels
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| Downside threshold level: | 6,986.51 for index, $27.61 for ETF 70% of initial levels
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| Pricing date: | Aug. 28
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| Settlement date: | Aug. 30
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| Agent: | UBS Financial Services Inc.
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| Fees: | 2%
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| Cusip: | 22550K186
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