Published on 3/22/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.62 million contingent coupon callable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 22 – Credit Suisse AG, London Branch, priced $3.62 million of contingent coupon callable yield notes due March 22, 2019 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filed with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon of 9.5% per year unless any index closes below its barrier level, 70% of its initial level, on the observation date for that quarter.
The payout at maturity will be par plus the final coupon unless any index finishes below its barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index.
Beginning June 22, 2017, the notes will be callable at par on any interest payment date other than the maturity date.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Euro Stoxx 50 index
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| Amount: | $3,618,000
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| Maturity: | March 22, 2019
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 9.5% per year unless any index closes below barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus final coupon unless any index finishes below barrier level, in which case 1% loss for each 1% decline of least-performing index
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| Call option: | At par on any interest payment date other than the maturity date beginning June 22, 2017
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| Initial levels: | 3,448.41 for Stoxx, 1,391.524 for Russell, 2,378.25 for S&P
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| Barrier/knock-in levels: | 2,413.89 for Stoxx, 974.067 for Russell, 1,664.78 for S&P; 70% of initial levels
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| Pricing date: | March 17
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| Settlement date: | March 22
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1.5%
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| Cusip: | 22548QXT7
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