Published on 7/27/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $833,000 6.25% contingent coupon callables tied to Russell, S&P
By Susanna Moon
Chicago, July 27 – Credit Suisse AG, London branch priced $833,000 of contingent coupon callable yield notes due July 27, 2023 linked to the worse performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.25% if each underlying index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable on any review date after one year.
The payout at maturity will be par unless either underlying index closes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the worse performing index.
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 indexes: | Russell 2000, S&P 500
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Amount: | $833,000
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Maturity: | July 27, 2023
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Coupon: | 6.25% annualized, payable quarterly if each index closes at or above 70% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each index closes at or above knock-in level, par; otherwise, 1% loss for each 1% decline of worse performing index
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Call option: | At par on any interest payment date beginning July 29, 2019
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Initial levels: | 2,820.40 for S&P, 1,680.195 for Russell
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Trigger levels: | 1,974.28 for S&P, 1,176.1365 for Russell, 70% of initial levels
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Pricing date: | July 24
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Settlement date: | July 27
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4.125%
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Cusip: | 22550WYC5
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