Published on 5/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.19 million contingent coupon autocallable yield notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, May 6 – Credit Suisse AG, London Branch priced $3.19 million of contingent coupon autocallable yield notes due July 30, 2020 linked to the lowest 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 quarterly coupon at an annualized rate of 6.5% if each index closes at or above its barrier level, 75% of its initial level, on a related observation date.
The notes will be called at par if each index closes above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless either index finishes below its 75% knock-in during the life of the notes, in which case investors will fully participate in any losses of the least-performing index.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $3,192,000
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Maturity: | July 30, 2020
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Coupon: | 6.5% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless either index finishes below its initial level and either index ever closes below knock-in level during life of notes, in which case full exposure to any losses of the least-performing index
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Call: | At par if each index closes above initial level on any quarterly trigger observation date after six months
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Initial levels: | 2,926.17 for S&P, 1,575.612 for Russell
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Coupon barrier levels: | 2,194.6275 for S&P, 1,181.709 for Russell, 75% of initial levels
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Knock-in levels: | 2,194.6275 for S&P, 1,181.709 for Russell, 75% of initial levels
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Pricing date: | April 25
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Settlement date: | April 30
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 2.5%
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Cusip: | 22552F5Q1
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