Published on 8/8/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.54 million contingent coupon callable yield notes on indexes
By Sarah Lizee
Olympia, Wash., Aug. 8 – Credit Suisse AG, London Branch priced $1.54 million of contingent coupon callable yield notes due Aug. 8, 2022 linked to the lowest performing of the Euro Stoxx 50 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 will pay a coupon at an annualized rate of 7.05% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes may be called in whole, but not in part, at par on any quarterly determination date starting Feb. 10, 2020.
The payout at maturity will be par unless any index finishes below its 55% knock-in level, in which case investors will be fully exposed to any losses of the lesser-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index and S&P 500 index
|
| Amount: | $1,543,000
|
| Maturity: | Aug. 8, 2022
|
| Coupon: | 7.05% per year, payable quarterly if each index closes at or above its coupon barrier on the observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its knock-in level, in which case full exposure to any losses of the least-performing index
|
| Call option: | In whole at par on any quarterly determination date starting Feb. 10, 2020
|
| Initial levels: | 2,932.05 for S&P, 1,533.659 for Russell, 3,376.12 for Stoxx
|
| Coupon barrier levels: | 2,052.435 for S&P, 1,073.5613 for Russell, 2363.284 for Stoxx; 70% of initial levels
|
| Knock-in levels: | 1,612.6275 for S&P, 843.51245 for Russell, 1,856.866 for Stoxx; 55% of initial levels
|
| Pricing date: | Aug. 5
|
| Settlement date: | Aug. 8
|
| Agents: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.5%
|
| Cusip: | 22552FS94
|
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