Published on 11/1/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $350,000 contingent coupon callable yield notes linked to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – Credit Suisse AG, London Branch priced $350,000 of contingent coupon callable yield notes due Oct. 31, 2022 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 5.25% per year if each index closes at or above its knock-in level, 65% of its initial level, on the observation date for that quarter.
Beginning Oct. 31, 2018, the notes are callable at par on any interest payment date.
The payout at maturity will be par unless any index finishes below its knock-in level, in which case investors will be fully exposed to the decline of the least-performing index.
Credit Suisse Securities (USA) LLC and Incapital LLC are the 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 and S&P 500
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Amount: | $350,000
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Maturity: | Oct. 31, 2022
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Coupon: | Each quarter, notes pay contingent coupon at rate of 5.25% per year if each index closes at or above knock-in level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below knock-in level, in which case full exposure to decline of lesser-performing index
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Call option: | Beginning Oct. 31, 2018, at par on any interest payment date
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Initial index levels: | 1,497.46 for Russell 2000 and 2,560.40 for S&P
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Knock-in levels: | 973.34835 for Russell 2000 and 1,664.26 for S&P; 65% of initial levels
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 4.075%
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Cusip: | 22550BJW4
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