Published on 4/13/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $665,000 contingent coupon callable yield notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, April 13 – Credit Suisse AG, London Branch priced $665,000 of contingent coupon callable yield notes due April 17, 2023 linked to the S&P 500 index and the SPDR S&P Biotech ETF, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 8.55% per year unless either asset closes below its 60% coupon barrier on the observation date that quarter.
The payout at maturity will be par unless either asset finishes below its 60% knock-in level, in which case investors will lose 1% for each 1% decline of the worse performing asset.
The notes will be callable at par on any quarterly call date beginning April 16, 2020.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying assets: | S&P 500 index and SPDR S&P Biotech ETF
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| Amount: | $665,000
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| Maturity: | April 17, 2023
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| Coupon: | 8.55% per year, payable quarterly unless either asset closes below coupon barrier on observation date that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any either finishes below knock-in level, in which case 1% loss for each 1% decline of worse performing asset
|
| Call option: | At par on any quarterly call date after one year
|
| Initial levels: | 1,579.303 for S&P, $89.15 for biotech ETF
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| Coupon barriers: | 1,585.314 for S&P, $53.49 for biotech ETF; 60% of initial levels
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| Knock-in levels: | 1,585.314 for S&P, $53.49 for biotech ETF; 60% of initial levels
|
| Pricing date: | April 11
|
| Settlement date: | April 16
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.075%
|
| Cusip: | 22550WP68
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