Published on 4/7/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.35 million autocallable securities on S&P 500, Russell 2000
By Wendy Van Sickle
Columbus, Ohio, April 7 – Credit Suisse AG, London Branch priced $1.35 million of 0% autocallable securities due March 29, 2019 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 8.5% if each underlying index closes at or above its initial level on any semiannual review date.
If the notes are not called, the payout at maturity will be par plus the contingent minimum return of 10% unless either underlying index closes below 70% of its initial price during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for each 1% decline of the least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $1,346,000
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| Maturity: | March 29, 2019
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | Par plus 10% if neither index has closed below 70% knock-in level during life of notes; otherwise, investors will be fully exposed to any decline of the lesser performing index or receive par if final level of the lesser performing index is flat or positive
|
| Call: | Automatically at par plus annualized redemption premium of 8.5% if each underlying closes at or above its initial level on any semiannual review date
|
| Initial levels: | 1,367.261 for Russell, 2,358.57 for S&P 500
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| Knock-in levels: | 957.0827 for Russell, 1,650.999 for S&P; 70% of initial levels
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| Pricing date: | March 28
|
| Settlement date: | March 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.95%
|
| Cusip: | 22548QVW2
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