Published on 8/9/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.75 million contingent coupon callable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 9 – Credit Suisse AG, London Branch priced $1.75 million of contingent coupon callable yield notes due Aug. 18, 2025 linked to the lowest performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at an annualized rate of 5.55% if each index closes at or above its coupon barrier, 50% of its initial level, on the observation date for that quarter.
The notes may be called in whole, but not in part, at par on any quarterly determination date.
The payout at maturity will be par unless any index finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the lesser-performing index.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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Amount: | $1.75 million
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Maturity: | Aug. 18, 2025
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Coupon: | 5.55% per year, payable quarterly if each index closes at or above its coupon barrier on the observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its knock-in level, in which case full exposure to any losses of the least-performing index
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Call option: | In whole at par on any quarterly determination date
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Initial levels: | 2,881.77 for S&P, 1,502.086 for Russell, 26,029.52 for Dow
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Coupon barrier levels: | 1,440.885 for S&P, 751.043 for Russell, 23,014.76 for Dow; 50% of initial levels
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Knock-in levels: | 1,440.885 for S&P, 751.043 for Russell, 23,014.76 for Dow; 50% of initial levels
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Pricing date: | Aug. 6
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Settlement date: | Aug. 13
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Agents: | Credit Suisse Securities (USA) LLC
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Fees: | 0%
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Cusip: | 22552FSB9
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