Published on 10/15/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $6.1 million callable contingent income notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 15 – Credit Suisse AG, London Branch priced $6.1 million of callable contingent income securities due Oct. 7, 2022 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 15.25% per year if each index closes at or above its knock-in level, 75% of its initial level, on each trading day during that quarter.
The notes are callable at par quarterly.
The payout at maturity will be par unless the least-performing index finishes below its knock-in level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is acting as distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Callable contingent income securities
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| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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| Amount: | $6.1 million
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| Maturity: | Oct. 7, 2022
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| Coupon: | 15.25% per year, payable quarterly if each index closes at or above knock-in level on each trading day during that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above knock-in level, par; otherwise, 1% loss for every 1% that least-performing index declines from initial level
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| Call option: | Quarterly at par
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| Initial levels: | 2,952.01 for S&P 500, 1,500.702 for Russell 2000 and 3446.71 for Euro Stoxx 50
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| Knock-in levels: | 2,214.01 for S&P 500, 1,125.507 for Russell 2000 and 2,585.03 for Euro Stoxx 50, or 75% of initial levels
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| Pricing date: | Oct. 4
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| Settlement date: | Oct. 9
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distributor: | Morgan Stanley Smith Barney LLC
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| Fees: | 1%
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| Cusip: | 22551N2T2
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