Published on 5/24/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $820,000 contingent coupon callable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, May 24 – Credit Suisse AG, London Branch priced $820,000 of contingent coupon callable yield notes due May 23, 2024 linked to the lowest performing of the MSCI Emerging Markets index, the MSCI EAFE index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at an annualized rate of 10.15% if each index closes at or above its coupon barrier, 70% of its initial level, every day that quarter.
The notes may be called in whole, but not in part, at par on any contingent coupon payment date.
The payout at maturity will be par unless any index finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the lesser-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | MSCI Emerging Markets index, MSCI EAFE index, S&P 500
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| Amount: | $820,000
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| Maturity: | May 23, 2024
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| Coupon: | 10.15% per year, payable quarterly if each index closes at or above its coupon barrier on every day that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its knock-in level, in which case full exposure to any losses of the least-performing index
|
| Call option: | In whole at par on any contingent coupon payment date
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| Initial levels: | 2,840.23 for S&P, 994.08 for Emerging Markets, 1,858.28 for EAFE
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| Coupon barrier levels: | 1,988.161 S&P, 695.856 for Emerging Markets, 1,300.796 for EAFE; 70% of initial levels
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| Knock-in levels: | 1,704.138 for S&P, 596.448 for Emerging Markets, 1,114.968 for EAFE; 60% of initial levels
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| Pricing date: | May 20
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| Settlement date: | May 23
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22552FG30
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