Published on 7/3/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million 6.35% contingent coupon callables on S&P 500, Russell
By Wendy Van Sickle
Columbus, Ohio, July 3 – Credit Suisse AG, London branch priced $1 million of contingent coupon callable yield notes due June 29, 2023 linked to the worse performing of the Russell 2000 index and the S&P 500 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 6.35% if each underlying index closes at or above its 60% coupon barrier on each trading day for that quarter.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless either underlying index finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the worse performing index.
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: | Russell 2000, S&P 500
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Amount: | $1 million
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Maturity: | June 29, 2023
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Coupon: | 6.35% annualized, payable quarterly if each index closes at or above 60% coupon barrier on each trading day for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes above knock-in level, par; otherwise, 1% loss for each 1% decline of worse performing index
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Call option: | At par on any interest payment date
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Initial levels: | 1,685.577 for Russell and 2,754.88 for S&P
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Trigger levels: | 1,011.3462 for Russell and 1,652.928 for S&P, 60% of initial levels
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Pricing date: | June 22
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Settlement date: | June 29
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0%
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Cusip: | 22550WXQ5
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