Published on 9/30/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.06 million contingent coupon autocallables linked to S&P, Nasdaq
By Angela McDaniels
Tacoma, Wash., Sept. 30 – Credit Suisse AG, London Branch priced $1.06 million of contingent coupon autocallable yield notes due March 30, 2021 linked to the lesser performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 6% 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 March 25, 2020, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either index closes below its knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser-performing index, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | S&P 500 and Nasdaq-100
|
| Amount: | $1,064,000
|
| Maturity: | March 30, 2021
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 6% 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 closes below knock-in level during life of notes, in which case par plus return of lesser-performing index, subject to maximum payout of par
|
| Call: | Beginning March 25, 2020, automatically at par if each index closes at or above initial level on any quarterly observation date
|
| Initial levels: | 2,984.87 for S&P 500 and 7,803.542 for Nasdaq-100
|
| Knock-in levels: | 2,089.405 for S&P 500 and 5,462.4794 for Nasdaq-100, or 70% of initial levels
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 2.65%
|
| Cusip: | 22552FUQ3
|
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