Published on 12/30/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.7 million of contingent coupon callable yield notes on indexes
By Devika Patel
Knoxville, Tenn., Dec. 30 – Credit Suisse AG, London Branch priced $3,698,000 of contingent coupon callable yield notes due Dec. 30, 2022 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual contingent coupon at the rate of 7.75% per year unless either index closes below its coupon barrier level, 70% of its initial level, on the observation date for that semiannual period.
The notes are callable in whole but not in part at par on any interest payment date from June 30, 2020 to June 30, 2022.
The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will be fully exposed to the decline 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: | S&P 500 and the Russell 2000
|
| Amount: | $3,698,000
|
| Maturity: | Dec. 30, 2022
|
| Coupon: | Notes pay semiannual contingent coupon at rate of 7.75% per year unless either index closes below coupon barrier level on observation date for that semiannual period
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to decline of lesser-performing index
|
| Call option: | In whole, at par on any interest payment date from June 30, 2020 to June 30, 2022
|
| Initial index levels: | 3,221.22 for S&P 500, 1,671.902 for Russell 2000
|
| Coupon/knock-in levels: | 2,254.854 for S&P 500, 1,170.3314 for Russell 2000, 70% of initial levels
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22551NCA2
|
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