Published on 10/11/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $806,000 contingent coupon autocallable yield notes on indexes
By Sarah Lizee
Olympia, Wash., Oct. 11 – Credit Suisse AG, London Branch priced $806,000 of contingent coupon autocallable yield notes due July 12, 2021 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every quarter, the notes pay a contingent coupon at the rate of 9.4% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called at par if each index closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless any index finishes below its initial level and any index ever closes below its knock-in level, 70% of its initial level, in which case investors will be exposed to the decline of the least-performing index from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying indexes: | Russell 2000, Nasdaq-100 and S&P 500
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Amount: | $806,000
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Maturity: | July 12, 2021
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Coupon: | 9.4% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless any index finishes below initial level and any index ever closes below knock-in level, in which case exposure to decline of least-performing index
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Call option: | Automatically at par plus coupon if each index closes at or above initial level on any observation date after six months
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Initial levels: | 1,497.787 for Russell, 2,938.79 for S&P, 7,725.129 for Nasdaq
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Coupon barrier levels: | 1,048.4509 for Russell, 2,057.153 for S&P, 5,407.5903 for Nasdaq, 70% of initial levels
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Knock-in levels: | 1,048.4509 for Russell, 2,057.153 for S&P, 5,407.5903 for Nasdaq, 70% of initial levels
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Pricing date: | Oct. 7
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Settlement date: | Oct. 10
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.5%
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Cusip: | 22551N2R6
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