Published on 7/29/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $946,000 contingent coupon callable yield notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, July 29 – Credit Suisse AG, London Branch priced $946,000 of contingent coupon callable yield notes due April 29, 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% per year if each index closes at or above its knock-in level, 72.5% of its initial level, on the observation date for that quarter.
Beginning Jan. 29, 2020, 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
|
| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $946,000
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| Maturity: | April 29, 2022
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 6% per year if each index closes at or above knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below knock-in level, in which case exposure to decline of lesser-performing index
|
| Call option: | At par quarterly beginning Jan. 29, 2020
|
| Initial levels: | 3,019.56 for S&P, 1,580.417 for Russell
|
| Knock-in levels: | 2,189.181 for S&P, 1,145.802325 Russell, 72.5% of initial levels
|
| Pricing date: | July 24
|
| Settlement date: | July 29
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 2.525%
|
| Cusip: | 22552FMY5
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