Published on 5/2/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $968,000 contingent coupon callable yield notes on index, ETFs
By Tali Rackner
Minneapolis, May 2 – Credit Suisse AG, London Branch priced $968,000 of contingent coupon callable yield notes due April 25, 2022 linked to the least performing of the Russell 2000 index, the iShares MSCI EAFE exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 8% if each underlying asset closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be callable at par on any observation date after one year.
The payout at maturity will be par unless any asset finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing asset.
Credit Suisse Securities (USA) 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 assets: | Russell 2000 index, iShares MSCI EAFE ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $968,000
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| Maturity: | April 25, 2022
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| Coupon: | 8% per year, payable monthly if each underlying asset closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its knock-in, in which case full exposure to any losses of the least-performing asset
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| Call option: | Callable at par on any observation date after one year
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| Initial levels: | 1,573.818 for Russell, $71.32 for EAFE ETF, $38.98 for oil & gas ETF
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| Barrier/knock-in levels: | 944.2908 for Russell, $42.792 for EAFE ETF, $23.388 for oil & gas ETF; 60% of initial levels
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| Pricing date: | April 19
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| Settlement date: | April 23
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.7%
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| Cusip: | 22550WN52
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