Published on 5/5/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.01 million contingent coupon autocallable yield notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, May 5 – Credit Suisse AG, London Branch priced $1.01 million of contingent coupon autocallable yield notes due May 4, 2021 linked to the S&P 500 index and the Russell 2000 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 7% per year unless either index closes below its barrier level, 55% of its initial level, on the observation date for that quarter.
Beginning May 1, 2017, the notes will be automatically called at par if each index closes at or above its initial index level on any quarterly observation date.
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 lesser-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $1,007,000
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| Maturity: | May 4, 2021
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 7% per year unless either index closes below barrier level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below barrier level, in which case full exposure to decline of lesser-performing index
|
| Call: | Beginning May 1, 2017, automatically at par if each index closes at or above initial index level on any quarterly observation date
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| Initial levels: | 2,065.30 for S&P and 1,130.845 for Russell
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| Barrier levels: | 1,135.915 for S&P and 621.96475 for Russell; 55% of initial levels
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| Pricing date: | April 29
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| Settlement date: | May 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 22548Q2P9
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