Published on 9/14/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.48 million 7.25% contingent income autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 14 – Credit Suisse AG, London branch priced $2.48 million of contingent income autocallable securities due March 4, 2020 linked to the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.25% if each index closes at or above its 80% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date.
The payout at maturity will be par unless either underlying index finishes below its 80% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London branch
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Issue: | Autocallable contingent income securities
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Underlying indexes: | S&P 500 index, Nasdaq-100 index
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Amount: | $2,475,000
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Maturity: | March 4, 2020
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Coupon: | 7.25% annualized, payable quarterly if each index closes at or above 80% coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above 80% knock-in, par; otherwise, 1% loss for each 1% decline of worst performing index
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Call: | At par if each index closes at or above its initial level on any quarterly call date
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Initial levels: | 2,901.52 for S&P, 7,654.554 for Nasdaq
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Coupon barriers: | 2,321.22 for S&P, 6,123.64 for Nasdaq, 80% of initial levels
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Knock-in levels: | 2,321.22 for S&P, 6,123.64 for Nasdaq, 80% of initial levels
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Pricing date: | Aug. 31
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Settlement date: | Sept. 6
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2%
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Cusip: | 22551L4M9
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