Published on 3/27/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $7.19 million contingent coupon callable yield notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, March 27 – Credit Suisse AG, London Branch priced $7.19 million of contingent coupon callable yield notes due March 29, 2022 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual coupon at an annualized rate of 8% if each index closes at or above its coupon barrier, 70% of its initial level, on the related semiannual observation date.
The notes may be called in whole, but not in part, at par on any semiannual early redemption date.
The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the lesser-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $7,187,000
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| Maturity: | March 29, 2022
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| Coupon: | 8% per year, payable semiannually if each index closes at or above its coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either 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 semiannual early redemption date
|
| Initial levels: | 2,800.71 for S&P and 1,505.93 for Russell
|
| Barrier levels: | 1,960.497 for S&P and 1,054.1461 for Russell; 70% of initial levels
|
| Knock-in levels: | 1,960.497 for S&P and 1,054.1461 for Russell; 70% of initial levels
|
| Pricing date: | March 22
|
| Settlement date: | March 27
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0%
|
| Cusip: | 22551LXZ8
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