Published on 4/23/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.25 million trigger callable contingent yield notes on indexes
By Sarah Lizee
Olympia, Wash., April 23 – Credit Suisse AG, London Branch priced $3.25 million of trigger callable contingent yield notes due Oct. 21, 2022 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9% per year if each index’s closing level remains at or above its coupon barrier, 65% of its initial level, on the observation date that quarter.
The notes are redeemable at par of $10 plus any coupon on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its 60% downside threshold, the payout at maturity will be par plus any coupon. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. is acting as distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger callable contingent yield notes
|
| Underlying indexes: | Russell 2000, S&P 500, Euro Stoxx 50
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| Amount: | $3.25 million
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| Maturity: | Oct. 21, 2022
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| Coupon: | 9% per year, payable quarterly if each index closes at or above its coupon barrier on the observation date that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus coupon if applicable; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
|
| Call option: | At par plus any coupon on any quarterly observation date other than final one
|
| Initial index levels: | 2,905.03 for S&P, 1,565.748 for Russell 2000 and 3,499.23 for Nasdaq
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| Coupon barriers: | 1,888.27 for S&P, 1,017.736 for Russell 2000 and 2,274.50 for Nasdaq; 65% of initial levels
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| Downside thresholds: | 1,743.02 for S&P, 939.449 for Russell 2000 and 2,099.54 for Nasdaq; 60% of initial levels
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| Pricing date: | April 18
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| Settlement date: | April 25
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| Distributor: | UBS Financial Services Inc.
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| Fees: | 1%
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| Cusip: | 22550F260
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