Published on 12/16/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.87 million contingent income autocallables on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 16 – Credit Suisse AG priced $3.87 million of autocallable contingent income securities due Dec. 19, 2018 linked to 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 8.9% per year if each index closes at or above its knock-in level, 80% of its initial index level, on the observation date for the quarter.
The notes will be automatically called at par of $1,000 plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.
If each index finishes at or above its knock-in level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the lesser-performing index.
Credit Suisse Securities (USA) Inc. is the agent. Distribution is through Morgan Stanley Wealth Management.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable contingent income securities
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $3,872,000
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| Maturity: | Dec. 19, 2018
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| Contingent payment: | 8.9% per year, payable quarterly if each index closes at or above knock-in level on observation date that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below knock-in level, in which case exposure to decline of lesser-performing index
|
| Call: | Automatically at par plus contingent payment if each index closes above initial level on any quarterly observation date
|
| Initial index levels: | 2,253.28 for S&P, 1,356.024 for Russell
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| Knock-in/barrier levels: | 1,802.82 for S&P, 1,084.819 for Russell, 80% of initial levels
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| Pricing date: | Dec. 14
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| Settlement date: | Dec. 19
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Distributor: | Morgan Stanley Wealth Management.
|
| Fees: | 2%
|
| Cusip: | 22548QPY5
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