Published on 5/3/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $8.56 million callable contingent income securities on S&P 500
By Wendy Van Sickle
Columbus, Ohio, May 3 – Credit Suisse AG, London Branch priced $8.56 million callable contingent income securities due May 4, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at the rate of 8.5% per year if the index closes at or above the coupon barrier level, 75% of the initial index level, on the observation date for that quarter.
If the index finishes at or above the knock-in level, 60% of its initial level, the payout at maturity will be par plus the final coupon, if applicable. If the index finishes below the knock-in level, investors will be fully exposed to the index’s decline from its initial level.
Beginning May 3, 2017, the notes will be callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is acting as distributor.
| Issuer: | Credit Suisse AG
|
|
|
| Issue: | Callable contingent income securities
|
| Underlying index: | S&P 500
|
| Amount: | $8,558,000
|
| Maturity: | May 4, 2026
|
| Coupon: | 8.5% per year, payable each quarter that index closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if index finishes at or above knock-in level; otherwise, full exposure to any decline of index
|
| Call option: | At par on any interest payment date beginning May 3, 2017
|
| Initial levels: | 2,065.30
|
| Coupon barrier: | 1,548.98, 75% of initial level
|
| Knock-in level: | 1,239.18, 60% of initial level
|
| Pricing date: | April 29
|
| Settlement date: | May 4
|
| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley & Co. LLC handling distribution
|
| Fees: | 3.5%
|
| Cusip: | 22548Q4B8
|
|
|
© 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.
