Published on 5/9/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.52 million contingent coupon autocallable yield notes on indexes
By Tali Rackner
Minneapolis, May 9 – Credit Suisse AG, London Branch priced $1.52 million of contingent coupon autocallable yield notes due Oct. 25, 2019 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.
The notes will pay a quarterly coupon at an annualized rate of 6.5% if each index closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par if each index closes above its initial level on any observation date.
The payout at maturity will be par unless either index finishes below its 65% knock-in level on any day during the observation period, in which case investors will be fully exposed to any losses of the lesser-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $1,518,000
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| Maturity: | Oct. 25, 2019
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| Coupon: | 6.5% per year, payable quarterly if each index 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 either index finishes below its knock-in level on any day during the observation period, in which case full exposure to any losses of the lesser-performing index
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| Call: | At par if each index closes above initial level on any observation date
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| Initial levels: | 2,670.14 for S&P and 1,564.124 for Russell
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| Barrier/knock-in levels: | 1,735.591 for S&P and 1,016.6806 for Russell; 65% of initial levels
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| Pricing date: | April 20
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| Settlement date: | April 26
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.325%
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| Cusip: | 22550WPS0
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