Published on 7/8/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $576,000 contingent coupon callable yield notes linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., July 8 – Credit Suisse AG, London Branch priced $576,000 of contingent coupon callable yield notes due March 28, 2022 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 6.1% per year if each index closes at or above its knock-in level, 70% of its initial level, on the observation date for that quarter.
Beginning Dec. 30, the notes are callable at par quarterly.
The payout at maturity will be par unless either index finishes below its knock-in level, in which case investors will be exposed to the decline of the lesser-performing index from its initial level.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
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: | $576,000
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Maturity: | March 28, 2022
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Coupon: | Each quarter, notes pay contingent coupon at rate of 6.1% per year if each index closes at or above knock-in level on observation date for that quarter
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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 exposure to decline of lesser-performing index
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Call option: | At par quarterly beginning Dec. 30
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Initial levels: | 2,917.38 for S&P 500 and 1,521.035
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Knock-in levels: | 2,042.166 for S&P 500 and 1,064.7245 for Russell 2000, or 70% of initial levels
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Pricing date: | June 25
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Settlement date: | June 28
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Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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Fees: | 2.525%
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Cusip: | 22552FGG1
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