Published on 5/19/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $8.1 million trigger phoenix autocallables on Russell, Euro Stoxx
By Toni Weeks
San Luis Obispo, Calif., May 19 – Credit Suisse AG, London Branch priced $8.1 million of trigger phoenix autocallable optimization securities due May 21, 2025 linked to the least performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8% per year if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter.
Beginning one year after issuance, the notes will be called at par 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 50% trigger level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will be fully exposed to the decline of the least-performing index.
UBS Financial Services Inc. is acting as distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | Russell 2000 and Euro Stoxx 50
|
| Amount: | $8,098,480
|
| Maturity: | May 21, 2025
|
| Coupon: | 8% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above trigger level, par plus final contingent coupon, if any; otherwise, full exposure to decline of least-performing index
|
| Call: | Beginning May 16, 2016, notes will be called at par if each index closes at or above initial level on any quarterly observation date
|
| Initial index levels: | 1,243.948 for Russell 2000 and 3,573.07 for Euro Stoxx 50
|
| Trigger levels: | 621.974 for Russell 2000 and 1,786.54 for Euro Stoxx 50; 50% of initial levels
|
| Coupon barriers: | 808.566 for Russell 2000 and 2,322.5 for Euro Stoxx 50; 65% of initial levels
|
| Pricing date: | May 15
|
| Settlement date: | May 20
|
| Distributor: | UBS Financial Services Inc.
|
| Fees: | 3.5%
|
| Cusip: | 22547T795
|
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