Published on 1/15/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.07 million contingent coupon callable yield notes on indexes
By Sarah Lizee
Olympia, Wash., Jan. 15 – Credit Suisse AG, London Branch priced $3.07 million of contingent coupon callable yield notes due Jan. 29, 2020 linked to the lowest performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at an annualized rate of 9.5% if each index closes at or above its coupon barrier, 70% of its initial level, on the related quarterly observation date.
The notes may be called in whole, but not in part, at par on any contingent coupon payment date.
The payout at maturity will be par unless any index finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the lesser-performing index.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
|
| Amount: | $3,065,000
|
| Maturity: | Jan. 29, 2020
|
| Coupon: | 9.5% per year, payable quarterly if each index closes at or above its coupon barrier on related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its knock-in level, in which case full exposure to any losses of the least-performing index
|
| Call option: | In whole at par on any contingent coupon payment date
|
| Initial levels: | 2,596.26 for S&P, 1,447.385 for Russell, 3,070.04 for Stoxx
|
| Coupon barrier levels: | 1,817.38 for S&P, 1,013.170 for Russell, 2,149.03 for Stoxx; 70% of initial levels
|
| Knock-in levels: | 1,817.38 for S&P, 1,013.170 for Russell, 2,149.03 for Stoxx; 70% of initial levels
|
| Pricing date: | Jan. 11
|
| Settlement date: | Jan. 16
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 22551LTM2
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