Published on 10/10/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.01 contingent coupon callable yield notes on S&P, Russell
By Kiku Steinfeld
Chicago, Oct. 10– Credit Suisse AG, London Branch, priced $1.01 million of contingent coupon callable yield notes due July 1, 2021 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 8% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes may be called in whole, but not in part, at par plus any coupon on any quarterly contingent coupon payment date except the final one at the issuer’s option.
The payout at maturity will be plus the coupon unless either index finishes below its 70% 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 is the agent.
| 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: | $1,009,000
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| Maturity: | July 1, 2021
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| Coupon: | 8% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless either index finishes below knock-in level, in which case exposure to decline of lesser-performing index
|
| Call option: | Callable at par plus any coupon due on any quarterly contingent coupon date except final one
|
| Initial levels: | 2,977.62 for S&P, 1,533.326 for Russell
|
| Coupon barrier levels: | 2,084.334 for S&P, 1,073.3282 Russell, 70% of initial levels
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| Knock-in levels: | 2,084.334 for S&P, 1,073.3282 Russell, 70% of initial levels
|
| Pricing date: | Sept. 26
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| Settlement date: | Oct. 1
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.775%
|
| Cusip: | 22552FWT5
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