Published on 7/23/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.39 million contingent coupon autocallables on S&P, Nasdaq
By Marisa Wong
Morgantown, W.Va., July 23 – Credit Suisse AG, London Branch priced $4.39 million of contingent coupon autocallable yield notes due Oct. 7, 2019 linked to the least performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8.25% if each index closes at or above its coupon barrier, 70% of its initial level, on the related quarterly observation date.
The notes will be called at par if each index closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any index closes below its 70% knock-in level on any day during the life of the notes, in which case the payout will be par plus the return of the lowest performing index, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | S&P 500, Nasdaq-100
|
| Amount: | $4,386,000
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| Maturity: | Oct. 7, 2019
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| Coupon: | 8.25% per year, payable each quarter that each index closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index closes below its knock-in level on any day during the life of the notes, in which case par plus the return of the lowest performing index, subject to a maximum payout of par
|
| Call: | Automatically at par if each index closes at or above its initial level on any quarterly trigger observation date after six months
|
| Initial levels: | 2,718.37 for S&P, 7,040.802 for Nasdaq
|
| Coupon barriers: | 1,902.859 for S&P, 4,928.5614 for Nasdaq; 70% of initial levels
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| Knock-in levels: | 1,902.859 for S&P, 4,928.5614 for Nasdaq; 70% of initial levels
|
| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1%
|
| Cusip: | 22550WV20
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