Published on 2/26/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $8.38 million trigger phoenix callable notes on three indexes
By Jennifer Chiou
New York, Feb. 26 – Credit Suisse AG, London Branch priced $8,375,000 of trigger phoenix callable optimization securities due Feb. 27, 2020 linked to the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its barrier level, 70% of its initial level, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 9.86% per year. Otherwise, no coupon will be paid that quarter.
After one year, the notes are callable on any quarterly observation date at par of $10 plus the contingent coupon, if any.
If the notes are not called, the payout will be par plus the contingent coupon unless any index finishes below its trigger level, 70% of the initial level, in which case investors will be exposed to the decline of the worst-performing index from its initial level.
UBS Financial Services Inc. is the distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Trigger phoenix callable optimization securities
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| Underlying indexes: | Euro Stoxx 50, Russell 2000, S&P 500
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| Amount: | $8,375,000
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| Maturity: | Feb. 27, 2020
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| Coupon: | 9.86% per year payable quarterly if each index closes at or above barrier level on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if each index finishes at or above trigger level; otherwise, full exposure to decline of worst-performing index
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| Call option: | At par plus contingent coupon, if any, on any quarterly observation date after one year
|
| Initial index levels: | 3,541.78 for Euro Stoxx 50, 1,235.101 for Russell 2000 and 2,113.86 for S&P 500
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| Trigger/coupon barrier levels: | 2,479.25 for Euro Stoxx 50, 864.571 for Russell 2000 and 1,479.70 for S&P 500; 70% of initial levels
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| Pricing date: | Feb. 25
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| Settlement date: | Feb. 27
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| Distributor: | UBS Financial Services Inc.
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| Fees: | 2.5%
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| Cusip: | 22547T746
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