Published on 9/19/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.75 million contingent coupon callable yield notes on four indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 19 – Credit Suisse AG, London Branch priced $2.75 million of contingent coupon callable yield notes due Sept. 14, 2026 linked to the lowest performing of the Russell 2000 index, the MSCI Emerging Markets index, the Nasdaq-100 index and the Euro Stoxx Select Dividend 30 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 11.65% if each index closes above its coupon barrier level, 70% of its initial level, on each day that month.
Starting Dec. 13, Credit Suisse may call the notes at par on any quarterly call date.
The payout at maturity will be par unless any index finishes below its knock-in level, 60% of its initial level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
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 index, MSCI Emerging Markets index, Nasdaq-100 index and Euro Stoxx Select Dividend 30 index
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| Amount: | $2.75 million
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| Maturity: | Sept. 14, 2026
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| Coupon: | 11.65% per year, payable monthly if each index closes at or above its coupon barrier level on each day that month
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its knock-in level, in which case full exposure to any losses of least performing index
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| Call option: | At par on any quarterly call observation date beginning Dec. 13
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| Initial prices: | 1,717.467 for Russell, 1,011.25 for Emerging Markets, 7,447.676 for Nasdaq, 1,958.87 for Stoxx
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| Coupon barriers: | 1,202.2269 for Russell, 707.875 for Emerging Markets, 5,213.3732 for Nasdaq, 1,371.209 for Stoxx; 70% of initial levels
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| Knock-in levels: | 1,030.4802 for Russell, 606.75 for Emerging Markets, 4,468.6056 for Nasdaq, 1,175.322 for Stoxx; 60% of initial levels
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| Pricing date: | Sept. 10
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| Settlement date: | Sept. 13
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22551LAP5
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