Published on 5/29/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $500,000 contingent coupon autocallables linked to two indexes
By Toni Weeks
San Luis Obispo, Calif., May 29 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due May 29, 2020 linked to 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 coupon at the rate of 7.5% per year if each index closes at or above its barrier level, 65% of its initial level, on the observation date for that quarter.
Beginning after one year, the notes will be automatically redeemed at par plus the contingent coupon if the closing level of each index is greater than or equal to its initial level on any quarterly observation date.
If the notes are not called and the final index level of each index is greater than or equal to its barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% that the lowest-performing index’s final level is less than its initial level.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | Euro Stoxx 50, Russell 2000
|
| Amount: | $500,000
|
| Maturity: | May 29, 2020
|
| Coupon: | Each quarter, notes pay coupon at rate of 7.5% per year if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final index level of each index is greater than or equal to barrier level, par; otherwise, 1% loss for each 1% that lowest-performing index’s final level is less than initial level
|
| Call: | Beginning May 25, 2016, notes will be automatically redeemed at par plus contingent coupon if closing level of each index is greater than or equal to initial level on any quarterly observation date
|
| Initial levels: | 3,619.3 for Euro Stoxx 50, 1,238.756 for Russell 2000
|
| Barrier level: | 2,352.545 for Euro Stoxx 50, 805.1914 for Russell 2000; 65% of initial levels
|
| Pricing date: | May 26
|
| Settlement date: | May 29
|
| Agent: | Incapital LLC
|
| Fees: | 3.25%
|
| Cusip: | 22546VCU8
|
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