Published on 9/7/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $879,000 contingent coupon callable yield notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Sept. 7 – Credit Suisse AG, London Branch priced $879,000 of contingent coupon callable yield notes due Sept. 6, 2022 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 6.5% per year unless either index closes below its coupon barrier level, 60% of its initial level, on the observation date for that period.
The notes will be callable at par on any quarterly redemption date after one year.
The payout at maturity will be par unless either index finishes below its knock-in level, 60% of its initial level, in which case investors will be fully exposed to the decline of the lesser-performing index.
Credit Suisse Securities (USA) LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $879,000
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| Maturity: | Sept. 6, 2022
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| Coupon: | Each month, notes pay contingent coupon at rate of 6.5% per year unless either index closes below coupon barrier on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to decline of lesser-performing index
|
| Call option: | At par on any quarterly redemption date starting Aug. 31, 2018
|
| Initial levels: | 2,471.65 for S&P 500 and 1,405.277 for Russell 2000
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| Coupon barrier levels: | 1,482.99 for S&P 500 and 843.1662 for Russell 2000; 60% of initial levels
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| Knock-in levels: | 1,482.99 for S&P 500 and 843.1662 for Russell 2000; 60% of initial levels
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 6
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 22550BEB5
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