Published on 8/26/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.48 million trigger autocallable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 26 – Credit Suisse AG, London Branch priced $3.48 million of trigger autocallable contingent yield notes due Aug. 24, 2023 linked to the Russell 2000 index and the S&P 500 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 10.58% if each index 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 index 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 index finishes below the 70% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
UBS Financial Services Inc. is the distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Russell 2000 index and S&P 500
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| Amount: | $3,476,800
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| Maturity: | Aug. 24, 2023
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| Coupon: | 10.58%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Call: | After six months, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date other than the final one
|
| Payout at maturity: | Par unless either index finishes below trigger level, in which case full exposure to loss of worse-performing index
|
| Initial levels: | 1,552.476 for Russell, 3,379.16 for S&P
|
| Coupon barrier level: | 1,086.733 for Russell, 2,378.01 for S&P, 70% of initial levels
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| Trigger level: | 1,086.733 for Russell, 2,378.01 for S&P, 70% of initial levels
|
| Pricing date: | Aug. 21
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| Settlement date: | Aug. 24
|
| Distributor: | UBS Financial Services Inc.
|
| Fees: | 0%
|
| Cusip: | 22550X410
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