Published on 3/19/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.91 million contingent coupon autocallables linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., March 19 – Credit Suisse AG, London Branch priced $1.91 million of contingent coupon autocallable yield notes due Dec. 21, 2020 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 5.8% per year if each index closes at or above its knock-in level, 70% of its initial level, on the observation date for that quarter.
Beginning Sept. 17, the notes will be automatically called at par if each index closes at or above its initial index level on any quarterly observation date.
The payout at maturity will be par unless either index finishes below its knock-in level, in which case investors will be exposed to the decline of the lesser-performing index from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1.91 million
|
| Maturity: | Dec. 21, 2020
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 5.8% per year unless either index closes below knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below knock-in level, in which case 1% loss for each 1% that lesser-performing index declines from initial level
|
| Call: | Beginning Sept. 17, automatically at par if each index closes at or above initial index level on any quarterly observation date
|
| Initial index levels: | 2,822.48 for S&P 500 and 1,553.538 for Russell 2000
|
| Knock-in levels: | 1,975.637 for S&P 500 and 1,087.4766 for Russell 2000; 70% of initial levels
|
| Pricing date: | March 15
|
| Settlement date: | March 20
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.125%
|
| Cusip: | 22552F2Y7
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