Published on 9/27/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.2 million range accrual notes linked to Russell, Hang Seng
By Angela McDaniels
Tacoma, Wash., Sept. 27 – Credit Suisse AG, London Branch priced $2.2 million callable daily range accrual securities due March 28, 2025 linked to the lesser performing of the Hang Seng index and the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
The interest rate is 7% per year multiplied by the proportion of days on which each index closes at or above its accrual barrier, 80% of its initial level. Interest is payable monthly.
The payout at maturity will be par unless either index falls by more than 20%, in which case investors will lose 1% for every 1% that the lesser-performing index declines beyond 20%.
Beginning Oct. 2, 2018, the notes will be callable at par quarterly.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Callable daily range accrual securities
|
| Underlying indexes: | Hang Seng and Russell 2000
|
| Amount: | $2.2 million
|
| Maturity: | March 28, 2025
|
| Coupon: | 7% per year multiplied by proportion of days on which each index closes at or above accrual barrier; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless either index falls by more than 20%, in which case investors will lose 1% for every 1% that lesser-performing index declines beyond 20%
|
| Call option: | Beginning Oct. 2, 2018, notes will be callable at par quarterly
|
| Initial index levels: | 1,451.958 for Russell 2000 and 27,500.34 for Hang Seng
|
| Accrual barrier: | 1,161.5664 for Russell 2000 and 22,000.272 for Hang Seng; 80% of initial levels
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 28
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4.75%
|
| Cusip: | 22550BHU0
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
