Published on 3/7/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.5 million trigger phoenix autocallables on two indexes
By Wendy Van Sickle
Columbus, Ohio, March 7 – Credit Suisse AG, London Branch priced $2.5 million trigger phoenix autocallable optimization securities due March 8, 2019 linked to the S&P 500 index and the Russell 2000 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 8.65% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par plus the final contingent coupon unless either index finishes below its 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
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $2.5 million
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| Maturity: | March 8, 2019
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| Coupon: | 8.65% per year, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon, if applicable, if each index finishes at or above trigger level; otherwise, full exposure to decline of lesser-performing index
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| Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date after one year
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| Initial levels: | 1,993.40 for S&P 500, 1,076.048 for Russell 2000
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| Barrier/trigger levels: | 1,395.38 for S&P 500 and 753.234 for Russell; 70% of initial levels
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| Pricing date: | March 3
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| Settlement date: | March 8
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| Distributor: | UBS Financial Services Inc.
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| Fees: | 2%
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| Cusip: | 22548J747
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