Published on 11/18/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $8.71 million trigger phoenix autocallables linked to S&P 500, Euro Stoxx 50
By Angela McDaniels
Tacoma, Wash., Nov. 18 – Credit Suisse AG, London Branch priced $8.71 million of trigger phoenix autocallable optimization securities due Nov. 19, 2018 linked to the lesser performing of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8.2% per year if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter.
After six months, the notes will be called at par of $10 plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its barrier level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be fully exposed to the decline of the lesser-performing index.
UBS Financial Services Inc. is acting as distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | Euro Stoxx 50 and S&P 500
|
| Amount: | $8,708,870
|
| Maturity: | Nov. 19, 2018
|
| Coupon: | 8.2% per year, payable quarterly if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus contingent coupon if each index finishes at or above barrier level; otherwise, full exposure to decline of lesser-performing index
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date from May 13, 2016 onward
|
| Initial index levels: | 2,023.04 for S&P 500 and 3,360.65 for Euro Stoxx 50
|
| Barrier levels: | 1,416.13 for S&P 500 and 2,532.46 for Euro Stoxx 50; 70% of initial levels
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 18
|
| Distributor: | UBS Financial Services Inc.
|
| Fees: | 2%
|
| Cusip: | 22548F885
|
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