Published on 2/21/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.28 million contingent coupon autocallable yield notes on S&P
By Sarah Lizee
Olympia, Wash., Feb. 21 – Credit Suisse AG, London Branch priced $1.28 million of contingent coupon autocallable yield notes due March 4, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 7% if the index closes at or above its coupon barrier level, 78.95% of its initial level, on the related quarterly observation date, in which event any previously unpaid coupon will also be paid.
The notes will be called at par if the index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the index finishes below its 78.95% knock-in level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are placement agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying index: | S&P 500
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Amount: | $1,275,000
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Maturity: | March 4, 2020
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Coupon: | 7% per year, payable quarterly if index closes at or above its coupon barrier on quarterly observation date, in which case any prior unpaid coupon will also be paid
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Price: | Par
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Payout at maturity: | Par unless index finishes below knock-in level, in which case full exposure to any losses
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Call: | At par if index closes at or above initial level on any quarterly observation date
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Initial level: | 2,775.60
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Coupon barrier: | 2,191.34, 78.95% of initial level
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Knock-in level: | 2,191.34, 78.95% of initial level
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Pricing date: | Feb. 15
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Settlement date: | Feb. 21
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Placement agents | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 1%
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Cusip: | 22551LXK1
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