Published on 12/24/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.6 million trigger autocallable contingent yield notes on indexes
By Devika Patel
Knoxville, Tenn., Dec. 24 – Credit Suisse AG, London Branch, priced $3,603,800 of trigger autocallable contingent yield notes due Dec. 17, 2021 linked to the S&P 500 index and the Russell 2000 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 11.1% if each index closes at or above its coupon barrier, 70% of its initial level, 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 observation date other than the final one beginning June 14, 2019.
The payout at maturity will be par unless either index finishes below the 70% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
Credit Suisse Securities (USA) LLC and UBS Financial Services Inc. are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $3,603,800
|
| Maturity: | Dec. 17, 2021
|
| Coupon: | 11.1%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Call: | Beginning June 14, 2019, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date other than the final one
|
| Payout at maturity: | Par unless index closes below 70% trigger level, in which case full exposure to loss of worse-performing index
|
| Initial levels: | 2,599.95 for S&P, 1,410.813 for Russell
|
| Coupon/trigger level: | 1,819.96 for S&P, 987.569 for Russell, 70% of initial levels
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 19
|
| Agents: | Credit Suisse Securities (USA) LLC and UBS Financial Services Inc.
|
| Fees: | None
|
| Cusip: | 22549Y214
|
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