Published on 2/1/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $13.17 million trigger autocallable contingent yield notes on Russell, bank ETF
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Credit Suisse AG, London Branch priced $13.17 million of trigger autocallable contingent yield notes due Feb. 3, 2021 linked to the Russell 2000 index and the SPDR S&P Bank ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.3% if each asset closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus any coupon unless either asset finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing asset from its initial level.
UBS Financial Services Inc. is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger autocallable contingent yield notes
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Underlying assets: | Russell 2000 and SPDR S&P Bank ETF
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Amount: | $13,172,360
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Maturity: | Feb. 3, 2021
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Coupon: | 7.3%, payable quarterly if each asset closes at or above coupon barrier level on observation date
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Price: | Par of $10
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Call: | After six months, at par plus contingent coupon if each asset closes at or above initial level on any quarterly observation date
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Payout at maturity: | Par plus any coupon unless asset closes below downside threshold level, in which case 1% loss for each 1% decline of worse performing asset from initial level
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Initial levels: | 1,598.109 for Russell, $50.68 for ETF
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Barriers/thresholds: | 1,118.676 for Russell, $35.48 for ETF, 70% of initial levels
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Pricing date: | Jan. 29
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Settlement date: | Jan. 31
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Agent: | UBS Financial Services Inc.
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Fees: | 2%
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Cusip: | 22549E218
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