Published on 6/20/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $7.74 million contingent coupon callable yield notes on indexes
By Devika Patel
Knoxville, Tenn., June 20 – Credit Suisse AG, London Branch, priced $7.74 million of contingent coupon callable yield notes due June 21, 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 10% per year unless any index closes below its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless any index finishes below its knock-in level, 75% of its initial level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Beginning Sept. 21, the notes will be callable at par on any interest payment date other than the maturity date.
J.P. Morgan Securities LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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Amount: | $7,744,000
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Maturity: | June 21, 2019
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Coupon: | 10% per year, payable quarterly, unless any index closes below coupon barrier level on observation date for quarter
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Price: | Par of $1,000
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Payout at maturity: | Par unless any index finishes below knock-in level, in which case 1% loss for each 1% decline of least-performing index from initial level
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Call option: | At par on any interest payment date other than the maturity date beginning Sept. 21, 2017
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Initial levels: | 2,433.15 for S&P, 1,406.728 for Russell, 3,543.88 for Euro Stoxx
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Coupon barrier levels: | 1,824.86 for S&P, 1,055.046 for Russell, 2,657.91 for Euro Stoxx; 75% of initial levels
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Knock-in levels: | 1,824.86 for S&P, 1,055.046 for Russell, 2,657.91 for Euro Stoxx; 75% of initial levels
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Pricing date: | June 16
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Settlement date: | June 21
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 22550BAX1
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