Published on 5/8/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.58 million trigger phoenix autocallables on Euro Stoxx, Russell
By Toni Weeks
San Luis Obispo, Calif., May 8 – Credit Suisse AG, London Branch priced $2.58 million of trigger phoenix autocallable optimization securities due May 9, 2025 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its barrier level, 60% of its initial level, on a quarterly observation date, the issuer will pay an annualized contingent coupon of 8.05% for that quarter. Otherwise, no coupon will be paid that quarter.
Beginning one year after issuance, the notes will be automatically called at par of $10 if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its 60% trigger level, the payout at maturity will be par. Otherwise, investors will be exposed to the decline of the worst-performing index from its initial level.
UBS Financial Services Inc. is the distributor.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying indexes: | Euro Stoxx 50 and Russell 2000
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Amount: | $2,575,000
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Maturity: | May 9, 2025
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Coupon: | 8.05% annualized for each quarter that each index closes at or above coupon barrier level on quarterly observation date
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Price: | Par
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Payout at maturity: | If each index finishes at or above trigger level, par; otherwise, full exposure to losses of worst-performing index
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Call: | At par if each index closes at or above initial level on any quarterly observation date beginning May 5, 2016
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Initial levels: | 1,215.417 for Russell and 3,546.56 for Euro Stoxx
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Barrier/trigger levels: | 729.25 for Russell, 2,127.94 for Euro Stoxx, 60% of initial levels
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Pricing date: | May 6
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Settlement date: | May 11
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Dealer: | UBS Financial Services Inc.
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Fees: | 3%
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Cusip: | 22547T845
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