Published on 3/30/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $220,000 autocallables on S&P 500, Russell 2000
By Wendy Van Sickle
Columbus, Ohio, March 30 – Credit Suisse AG, London Branch priced $220,000 of 0% autocallable securities due March 30, 2018 linked to the S&P 500 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 initial level on a semiannual observation date, the notes will be called at par plus an automatic redemption premium of 10% a year.
The payout at maturity will be par plus of $1,000 plus the $110 contingent minimum return, unless either index closes below its knock-in level, 70% of its initial level, on any day during the life of the notes, in which case investors will be fully exposed to the loss of the worse performing index.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable securities
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $220,000
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Maturity: | March 30, 2018
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus $110, unless either index closes below its knock-in level on any day during the life of the notes, in which case full exposure the loss of the worse performing index.
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Call: | At plus redemption premium of 10% a year if each index closes above initial level on any semiannual observation date
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Initial levels: | 2,037.05 for S&P, 1,080.231 for Russell
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Knock-in levels: | 1,425.935for S&P, 756.1617 for Russell; 70% of initial levels
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Pricing date: | March 28
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Settlement date: | March 31
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Underwriter: | Credit Suisse Securities (USA) LLC
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Fees: | 3.05%
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Cusip: | 22546VXT8
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