Published on 7/19/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $7.19 million trigger callable contingent yield notes linked to three indexes
By Wendy Van Sickle
Columbus, Ohio, July 19 – Credit Suisse AG, London Branch priced $7.19 million of trigger callable contingent yield notes with daily coupon observation due Jan. 20, 2023 linked to the least performing of the Nasdaq-100 index, 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 9% per year if each index’s closing level remains at or above its coupon barriers, 70% of its initial level, on each day during that quarter.
The notes are redeemable at par of $10 on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 60% of its initial level, the payout at maturity will be par. 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
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Issue: | Trigger callable contingent yield notes with daily coupon observation
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Underlying indexes: | Nasdaq-100, Russell 2000 and S&P 500
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Amount: | $7,188,000
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Maturity: | Jan. 20, 2023
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Coupon: | 9% per year, payable quarterly if each index closes at or above its downside threshold on each day during that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on any quarterly observation date other than final one
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Initial levels: | 3,004.04 for S&P 500, 1,561.995 for Russell 2000 and 7,927.077 for Nasdaq
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Coupon barriers: | 2,102.83 for S&P 500, 1,093.397 for Russell 2000 and 5,548.954 for Nasdaq; 70% of initial levels
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Downside thresholds: | 1,802.42 for S&P 500, 937.197 for Russell 2000 and 4,756.246 for Nasdaq; 60% of initial levels
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Trade date: | July 16
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Settlement date: | July 19
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Distributor: | UBS Financial Services Inc.
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Fees: | 1%
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Cusip: | 22550F682
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