Published on 5/24/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $5.05 million contingent coupon callable yield notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, May 24 – Credit Suisse AG, London Branch priced $5.05 million of contingent coupon callable yield notes due May 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 semiannual coupon at an annualized rate of 7.75% if each index closes above its barrier level, 70% of its initial level, on the observation date for that period.
The notes are callable in whole but not in part at par on any coupon payment date after Nov. 28, 2016.
The payout at maturity will be par unless either of the indexes finishes below its barrier level, in which case investors will be exposed to the decline of the worse performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $5,045,000
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| Maturity: | May 28, 2019
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| Contingent coupon: | 7.75% per year, payable semiannually if each index closes above its barrier level on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes at or below barrier level, in which case full exposure to loss of worse-performing index
|
| Call option: | At par on any interest payment date on or after Nov. 28, 2016
|
| Initial levels: | 2,052.32 for S&P, 1,112.276 for Russell
|
| Barrier levels: | 1,436.624 for S&P, 778.5932 for Russell, 70% of initial levels
|
| Pricing date: | May 20
|
| Settlement date: | May 27
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.3%
|
| Cusip: | 22548Q5L5
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