Published on 7/2/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.49 million contingent coupon autocallable yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, July 2 – Credit Suisse AG, London Branch priced $1.49 million of contingent coupon autocallable yield notes due March 26, 2020 linked to the least performing of the Euro Stoxx Banks index, the Russell 2000 index and the PowerShares QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8.85% if each asset closes at or above its coupon barrier, 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.
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 autocallable yield notes
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Underlying assets: | Russell 2000 index, Euro Stoxx Banks index and PowerShares QQQ Trust, Series 1
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Amount: | $1,487,000
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Maturity: | March 26, 2020
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Coupon: | 8.85% per year, payable quarterly if each asset closes at or above its 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 level, in which case full exposure to any losses of the least-performing asset
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Call: | Automatically at par if each asset closes at or above its initial level on any observation date
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Initial levels: | 1,688.95 for Russell, 111.24 for Stoxx Banks, $175.71 for QQQ
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Barrier levels: | 1,182.265 for Russell, 77.868 for Stoxx Banks, $122.997 for QQQ; 70% of initial levels
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Knock-in levels: | 1,013.37 for Russell, 66.744 for Stoxx Banks, $105.426 for QQQ; 60% of initial levels
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Pricing date: | June 21
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Settlement date: | June 26
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.675%
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Cusip: | 22550WXY8
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