Published on 10/23/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.34 million contingent coupon callable yield notes on S&P, Russell
By Sarah Lizee
Olympia, Wash., Oct. 23 – Credit Suisse AG, London Branch, priced $2.34 million of contingent coupon callable yield notes due Oct. 25, 2022 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes pay a contingent coupon at the rate of 6.8% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
After six months, the notes may be called in whole, but not in part, at par plus any coupon on any semiannual contingent coupon payment date except the final one at the issuer’s option.
The payout at maturity will be plus the coupon, if any, unless either index finishes below its 70% 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 callable yield notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $2,343,000
|
| Maturity: | Oct. 25, 2022
|
| Coupon: | 6.8% per year, payable semiannually if each underlying asset closes at or above its coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon, if any, unless either index finishes below knock-in level, in which case exposure to decline of lesser-performing index
|
| Call option: | After six months callable at par plus any coupon due on any contingent coupon date except final one
|
| Initial levels: | 2,986.20 for S&P, 1,535.482 for Russell
|
| Coupon barrier levels: | 2,090.34 for S&P, 1,074.8374 for Russell, 70% of initial levels
|
| Knock-in levels: | 2,090.34 for S&P, 1,074.8374 for Russell, 70% of initial levels
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 25
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.75%
|
| Cusip: | 22552FY48
|
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