Published on 10/29/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.68 million contingent coupon autocalls on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Oct. 29 – Credit Suisse AG, London branch priced $1.68 million of contingent coupon autocallable yield notes due April 29, 2020 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% if each underlying index closes at or above its 65% 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 quarterly determination date.
The payout at maturity will be par unless either underlying index ever closes below its 65% knock-in level during the life of the notes, 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
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying indexes: | Russell 2000, S&P 500
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| Amount: | $1,683,000
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| Maturity: | April 29, 2020
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| Coupon: | 6% annualized, payable quarterly if each index closes at or above 65% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index never closes below knock-in level, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call: | At par if each index closes at or above its initial level on any determination date beginning Jan. 24, 2019
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| Initial levels: | 1,468.698 for Russell, 2,656.1 for S&P
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| Trigger levels: | 954.6537 for Russell, 1,726.465 for S&P, 65% of initial levels
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| Pricing date: | Oct. 24
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| Settlement date: | Oct. 29
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.125%
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| Cusip: | 22551LGV6
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