Published on 4/8/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.11 million autocallable securities on Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, April 8 – Credit Suisse AG, London Branch priced $1.11 million of 0% autocallable securities due April 2, 2025 linked to the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 15% if each underlying index closes at or above its call level, on any annual review date. The call level is 100% of initial level on the first review day and steps down by 2.5% each year.
If the notes are not called, the payout at maturity will be par plus the contingent return of 75% if each index finishes above its initial level.
If any index finishes below its initial level but each index finishes at or above its 60% knock-in level, the payout will be par. If any index finishes below its 60% knock-in level, investors will lose 1% for each 1% decline of the least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
|
| Underlying indexes: | S&P 500, Dow Jones industrial average
|
| Amount: | $1,106,000
|
| Maturity: | April 2, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 75% if each index finishes above its initial level; if either index falls by up to 40%, par; otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level
|
| Call: | Automatically at par plus annualized redemption premium of 15% if each underlying closes at or above call level on any annual review date; call level is 100% of initial level on first review day and steps down by 2.5% each year
|
| Initial levels: | 2,626.65 for S&P, 22,327.48 for Dow
|
| Knock-in levels: | 1,575.99 for S&P, 13,396.488 for Dow; 60% of initial levels
|
| Pricing date: | March 30
|
| Settlement date: | April 2
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.125%
|
| Cusip: | 22551NWS1
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
