Published on 6/12/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $10.15 million 10.05% contingent income callables on indexes
By Susanna Moon
Chicago, June 12 – Credit Suisse AG, London Branch priced $10.15 million of contingent income callable securities due Dec. 3, 2020 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.05% if each index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes are callable at par on any review date after six months.
The payout at maturity will be par unless any underlying index finishes below its 75% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Callable contingent income securities
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| Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
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| Amount: | $10,145,000
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| Maturity: | Dec. 3, 2020
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| Coupon: | 10.05% annualized, payable quarterly if each index closes at or above 75% coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | If any index finishes at or above 75% knock-in level, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call option: | At par on any quarterly call date beginning Sept. 6, 2018
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| Initial levels: | 3,406.65 for Stoxx, 2,705.27 for S&P and 1,633.609 for Russell
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| Knock-in levels: | 2,554.99 for Stoxx, 2,028.95 for S&P and 1,225.207 for Russell, 75% of initial levels
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC as distributor
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| Fees: | 1.75%
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| Cusip: | 22550WWJ2
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