Published on 2/9/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.02 million callable contingent income notes to indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 9 – Credit Suisse AG, London Branch priced $3.02 million of callable contingent income securities due Feb. 7, 2019 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.1% if each index closes at or above its barrier, 75% of its initial level, every day that quarter.
The notes will be callable at par plus any coupon due on any quarterly redemption date.
The payout at maturity will be par plus the final coupon unless any index finishes below its barrier, in which case investors will have one-to-one exposure to the loss of the least performing index.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is handling distribution.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Callable contingent income securities
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| Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
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| Amount: | $3,022,000
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| Maturity: | Feb. 7, 2019
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| Coupon: | 14.1%, payable quarterly if each index closes above barrier every day that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus final coupon unless any index finishes below barrier, in which case one-to-one exposure to loss of least performing index
|
| Call: | At par plus any coupon due on any quarterly redemption date
|
| Initial index levels: | 2,297.42 for S&P, 1,377.837 for Russell, 3,273.11 for Stoxx
|
| Barrier levels: | 1,723.07 for S&P, 1,033.378 for Russell, 2,454.83 for Stoxx, 75% of initial levels
|
| Pricing date: | Feb. 3
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| Settlement date: | Feb. 8
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 1%
|
| Cusip: | 22548QUP8
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