Published on 6/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon callable yield notes on S&P, Russell
By Sarah Lizee
Olympia, Wash., June 6 – Credit Suisse AG, London Branch priced $1 million of contingent coupon callable yield notes due June 5, 2024 linked to the lesser performing of 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 pay a contingent coupon at the rate of 7.1% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes are callable at par quarterly starting on June 5, 2020.
The payout at maturity will be par unless either index finishes below its 65% knock-in level, in which case investors will be fully exposed to the decline of the lesser-performing index.
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 and S&P 500
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Amount: | $1,004,000
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Maturity: | June 5, 2024
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Coupon: | Each quarter, notes pay contingent coupon at rate of 7.1% per year if each index closes at or above coupon barrier on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to decline of lesser-performing index
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Call option: | At par quarterly starting on June 5, 2020
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Initial levels: | 2,752.06 for S&P and 1,465.487 for Russell
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Coupon barriers: | 1,926.442 for S&P 500 and 1,025.8409 for Russell 2000, or 70% of initial levels
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Knock-in levels: | 1788.839 for S&P 500 and 952.56655 for Russell 2000, or 65% of initial levels
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Pricing date: | May 31
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Settlement date: | June 5
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.25%
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Cusip: | 22552FHH8
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