Published on 6/7/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.8 million trigger autocallable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, June 7 – Credit Suisse AG, London Branch priced $3.8 million trigger autocallable contingent yield notes due May 28, 2021 linked to the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.1% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Euro Stoxx 50, S&P 500, Russell 2000
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Amount: | $3.8 million
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Maturity: | May 28, 2021
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Coupon: | 8.1%, payable quarterly if each index closes at or above coupon barrier on observation date
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Price: | Par of $10
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Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date after six months
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Payout at maturity: | Par unless any index closes below downside threshold level, in which case will lose 1% for each 1% decline of the least-performing index from initial level
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Initial levels: | 3,428.14 for Stoxx, 1,623.649 for Russell, 2,689.86 for S&P
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Coupon barrier/thresholds: | 2,399.7 for Stoxx, 1,136.554 for Russell, 1,882.9 for S&P; 70% of initial levels
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Pricing date: | May 29
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Settlement date: | May 31
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Agents: | UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC
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Fees: | 2%
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Cusip: | 22549M632
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