Published on 3/23/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $9.11 million contingent coupon callable yield notes on indexes
By Marisa Wong
Morgantown, W.Va., March 23 – Credit Suisse AG, London Branch priced $9.11 million of contingent coupon callable yield notes due March 28, 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 semiannual coupon at an annual rate of 9.25% if each index closes at or above its coupon barrier level, 70% of its initial level, on a semiannual observation date.
The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will be fully exposed to any loss of the worse performing index.
Beginning on Sept. 28, 2016, the notes will be callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | S&P 500 index and Russell 2000 index
|
| Amount: | $9.11 million
|
| Maturity: | March 28, 2019
|
| Coupon: | 9.25% per year, payable semiannually if each index closes at or above its coupon barrier level on semiannual observation date
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to decline of least-performing index
|
| Call option: | At par on any interest payment date beginning Sept. 28, 2016
|
| Initial levels: | 2,049.58 for S&P, 1,101.673 for Russell
|
| Barrier/knock-in levels: | 1,434.706 for S&P, 771.1711 for Russell; 70% of initial levels
|
| Pricing date: | March 18
|
| Settlement date: | March 28
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.3%
|
| Cusip: | 22546VXZ4
|
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