Published on 2/1/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.58 million step-up contingent coupon notes linked to S&P
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Credit Suisse AG priced $3.58 million of step-up contingent coupon callable yield notes due Jan. 29, 2027 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon if the index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter. The contingent coupon rate is 7% per year initially, then steps up to 10% per year on Jan. 31, 2022.
The payout at maturity will be par unless the index finishes below its knock-in level, 50% of its initial level, in which case investors will be fully exposed to the loss of the index.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
|
| Underlying index: | S&P 500
|
| Amount: | $3,583,000
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| Maturity: | Jan. 29, 2027
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| Coupon: | Contingent coupon payable quarterly if index closes at or above coupon barrier level on observation date for that quarter; contingent coupon rate is 7% per year the first five years, then 10% per year beginning on Jan. 31, 2022
|
| Price: | Par
|
| Payout at maturity: | Par unless index finishes below knock-in level, in which case full exposure to losses
|
| Call option: | Callable at par quarterly
|
| Initial index level: | 2,296.68
|
| Coupon barrier: | 1,607.676; 70% of initial levels
|
| Knock-in level: | 1,148.34; 50% of initial levels
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4.08%
|
| Cusip: | 22548QS55
|
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