Published on 11/4/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.85 million step-up contingent coupon callable yield notes on Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 4 – Credit Suisse AG, London Branch, priced $2.85 million of step-up contingent coupon callable yield notes due Oct. 31, 2022 linked to the Euro Stoxx Banks index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon unless either index closes below its barrier level, 70% of its initial level, on the observation date for that quarter. The contingent coupon is 10% per annum initially, stepping up to 11% on Oct. 30, 2020 and to 12% on Oct. 29, 2021.
The payout at maturity will be par plus the final coupon unless either index finishes below its 70% knock-in level, in which case investors will lose 1% for each 1% decline of the lesser performing index.
The notes are callable in whole but not in part at par on any quarterly early redemption date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
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| Underlying index: | Russell 2000 and Euro Stoxx Banks
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| Amount: | $2,849,000
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| Maturity: | Oct. 31, 2022
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| Coupon: | Each quarter, notes pay contingent coupon unless either index closes below barrier level on observation date for that quarter; coupon is 10% per annum initially, stepping up to 11% on Oct. 30, 2020 and to 12% on Oct. 29, 2021
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below knock-in level, in which case 1% loss for each 1% decline of lesser-performing index
|
| Call option: | In whole, at par on any quarterly early redemption date
|
| Initial levels: | 1,571.933 for Russell, 98.38 for Stoxx
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| Barrier levels: | 1,100.3531 for Russell, 65.336 for Stoxx, 70% of initial level
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| Knock-in levels: | 1,100.3531 for Russell, 65.336 for Stoxx, 70% of initial level
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.5%
|
| Cusip: | 22552FZB1
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