Published on 7/25/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1 million contingent coupon callable yield notes on two indexes
By Toni Weeks
San Luis Obispo, Calif., July 25 – Credit Suisse AG, London Branch priced $1 million of contingent coupon callable yield notes due July 29, 2024 linked to the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at the applicable rate if each index closes at or above its barrier level, 60% of the initial level, on any quarterly observation date. The applicable rate is 6.325% for the first four years, stepping up to 7.825% on July 30, 2018 and to 9.825% on July 28, 2021. Interest, if any, is payable quarterly.
The notes will be callable at par plus the contingent coupon, if any, on any quarterly interest payment date beginning July 28, 2015.
The payout at maturity will be par unless either index finishes at or below its 50% knock-in level, in which case investors will be fully exposed to the decline of the worst-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 Euro Stoxx 50
|
| Amount: | $1 million
|
| Maturity: | July 29, 2024
|
| Coupon: | The applicable rate, payable quarterly if each index closes at or above its barrier level on observation date for that period; applicable rate is 6.325% initially, stepping up to 7.825% on July 30, 2018 and to 9.825% on July 28, 2021
|
| Price: | Par
|
| Payout at maturity: | If either underlying component falls to or below knock-in level, par plus return of worst-performing underlying index; otherwise, par
|
| Call option: | At par plus coupon, if any, on any interest payment date beginning July 28, 2015
|
| Initial levels: | 1,987.01 for S&P, 3,193.13 for Euro Stoxx
|
| Barrier levels: | 1,192.206 for S&P, 1,915.878 for Euro Stoxx, 60% of initial levels
|
| Knock-in levels: | 993.505 for S&P, 1,596.565 for Euro Stoxx, 50% of initial levels
|
| Pricing date: | July 23
|
| Settlement date: | July 28
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2%
|
| Cusip: | 22547QQU3
|
© 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.
