Published on 12/24/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.09 million contingent coupon autocallables on S&P, Nasdaq-100
By Devika Patel
Knoxville, Tenn., Dec. 24 – Credit Suisse AG, London Branch, priced $1,085,000 of contingent coupon autocallable yield notes due Dec. 19, 2025 linked to the worst 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 contingent quarterly coupon at an annual rate of 7% if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that quarter.
The notes will be called at par if both indexes close at or above their respective initial levels on any quarterly observation date other than the final one beginning on Dec. 16, 2019.
The payout at maturity will be par unless either index finishes below its 80% knock-in level, in which case investors will lose 1% for each 1% decline of the worst performing index.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying indexes: | S&P 500, Nasdaq-100
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Amount: | $1,085,000
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Maturity: | Dec. 19, 2025
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Coupon: | 7% per year per quarter if both indexes close at or above coupon barrier levels during that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below 80% knock-in level, in which case 1% loss for each 1% decline of the worst performing index
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Call option: | At par if both indexes close at or above their initial levels on any observation date other than final one starting on Dec. 16, 2019
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Initial index levels: | 2,599.95 for S&P 500, 6,594.963 for Nasdaq-100
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Coupon barrier levels: | 2,079.96 for S&P 500, 5,275.9704 for Nasdaq-100, 80% of initial levels
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Knock-in levels: | 2,079.96 for S&P 500, 5,275.9704 for Nasdaq-100, 80% of initial levels
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Pricing date: | Dec. 14
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Settlement date: | Dec. 19
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4.6%
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Cusip: | 22551LNK2
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