Published on 6/23/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.5 million contingent coupon callable yield notes tied to indexes
By Toni Weeks
San Luis Obispo, Calif., June 23 – Credit Suisse AG, London Branch priced $3.5 million of contingent coupon callable yield notes due June 26, 2018 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 contingent coupon at a rate of 6.75% per year unless either index closes below its barrier level, 70% of its initial level, on the observation date for that interest period. Interest is payable semiannually.
The payout at maturity will be par unless either index finishes below its barrier level, in which case investors will be fully exposed to the decline of the least-performing index.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $3,496,000
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Maturity: | June 26, 2018
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Coupon: | 6.75% per year, payable semiannually unless either index closes below barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to decline of least-performing index
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Call option: | At par on any interest payment date beginning Dec. 28, 2015
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Initial index levels: | 2,109.99 for S&P 500, 1,284.661 for Russell 2000
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Barrier levels: | 1,476.993 for S&P 500, 899.2627 for Russell 2000; 70% of initial levels
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Pricing date: | June 19
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Settlement date: | June 26
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.3%
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Cusip: | 22546VED4
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