Published on 7/19/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.16 million contingent income autocallables on three indexes
By Marisa Wong
Morgantown, W.Va., July 19 – Credit Suisse AG, London Branch priced $1.16 million of autocallable contingent income securities due Jan. 4, 2021 to the least performing of the S&P 500 index, the Russell 2000 index and the Nikkei 225 index, according to a 424B2 filed with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.15% if each index closes at or above its coupon barrier level, 75% of its initial index level, on every trading day that quarter.
The notes will be automatically called at par plus the contingent coupon, if any, if each index closes at or above its initial level on any quarterly observation date other than the final one.
If each index finishes at or above its downside threshold level, 75% of its initial level, the payout at maturity will be par plus the final contingent coupon, if any.
If any index finishes below its downside threshold level, investors will have full exposure to the losses of the least performing index.
Credit Suisse Securities (USA) LLC is the agent, with Morgan Stanley Smith Barney LLC handling distribution.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Autocallable contingent income securities
|
Underlying indexes: | S&P 500 index, Russell 2000 index and Nikkei 225 index
|
Amount: | $1.16 million
|
Maturity: | Jan. 4, 2021
|
Coupon: | 9.15% per year, payable on a quarter if each index closes at or above coupon barrier on every trading day during that quarter
|
Price: | Par
|
Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon, if any; otherwise, full exposure to decline of least performing index
|
Call: | At par if each index closes at or above initial level on any quarterly determination date other than final date
|
Initial levels: | 2,718.37 for S&P, 1,643.069 for Russell, 22,304.51 for Nikkei
|
Coupon barriers: | 2,038.78 for S&P, 1,232.302 for Russell, 16,728.38 for Nikkei; 75% of initial levels
|
Downside thresholds: | 2,038.78 for S&P, 1,232.302 for Russell, 16,728.38 for Nikkei; 75% of initial levels
|
Pricing date: | June 29
|
Settlement date: | July 5
|
Agent: | Credit Suisse Securities (USA) LLC
|
Distribution: | Morgan Stanley Wealth Management
|
Fees: | 2.5%
|
Cusip: | 22550BTY9
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.