Published on 5/31/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.38 million contingent coupon callable notes tied to indexes
By Marisa Wong
Morgantown, W.Va., May 31 – Credit Suisse AG, London Branch priced $1.38 million of contingent coupon callable yield notes due Nov. 27, 2017 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 pay a contingent coupon at the rate of 6.7% per year unless either index closes below its barrier level, 58.5% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 58.5% knock-in level, in which case investors will be fully exposed to the decline of the lesser-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: | $1,375,000
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Maturity: | Nov. 27, 2017
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Coupon: | Each quarter, notes pay contingent coupon at rate of 6.7% per year 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 lesser-performing index
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Call option: | At par on any interest payment date
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Initial index levels: | 2,048.04 for S&P 500 and 1,111.367 for Russell 2000
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Barrier/knock-in levels: | 1,198.1034 for S&P 500 and 650.149695 for Russell 2000; 58.5% of initial levels
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Pricing date: | May 23
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Settlement date: | May 26
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.25%
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Cusip: | 22548Q6Y6
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