Published on 6/22/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $6.23 million callable contingent income notes tied to indexes
By Wendy Van Sickle
Columbus, Ohio, June 22 – Credit Suisse AG priced $6.23 million of callable contingent income securities due June 21, 2018 linked to the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10.5% per year if each index closes at or above its coupon barrier level, 65% of its initial level, on each trading day during that quarter.
If the lowest-performing index finishes at or above its knock-in level, 65% of its initial level, the payout at maturity will be par plus the final coupon. If the lowest-performing index finishes below its knock-in level, investors will be fully exposed to the decline of the lowest-performing index from its initial level.
The notes will be callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is distributor.
| Issuer: | Credit Suisse AG
|
| Issue: | Callable contingent income securities
|
| Underlying indexes: | S&P 500, Euro Stoxx 50, Russell 2000
|
| Amount: | $6,234,000
|
| Maturity: | June 21, 2018
|
| Coupon: | 10.5% per year, payable each quarter that each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each index finishes at or above knock-in level; otherwise, full exposure to decline of worst performing index
|
| Call option: | At par plus any contingent coupon owned on any interest payment date
|
| Initial levels: | 2,071.22 for S&P, 1,144.698 for Russell, 2,849.17 for Euro Stoxx
|
| Knock-in/barrier levels: | 1,346.29 for S&P, 744.054 for Russell, 1,851.96 for Euro Stoxx, 65% of initial levels
|
| Pricing date: | June 17
|
| Settlement date: | June 22
|
| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley & Co. LLC handling distribution
|
| Fees: | 2%
|
| Cusip: | 22548QAT2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
