Published on 1/22/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $350,000 contingent coupon callable yield notes on Stoxx Banks, S&P
By Wendy Van Sickle
Columbus, Ohio, Jan. 22 – Credit Suisse AG, London Branch priced $350,000 of contingent coupon callable yield notes due Jan. 23, 2023 linked to the lesser performing of the S&P 500 index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.35% per year if each index closes at or above its knock-in level, 70% of its initial level, on the observation date for that period.
The notes are callable at par quarterly after six months.
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
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | S&P 500 and Euro Stoxx Banks
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| Amount: | $350,000
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| Maturity: | Jan. 23, 2023
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 10.35% per year if each index closes at or above knock-in level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below knock-in level, in which case exposure to decline of lesser-performing index
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| Call option: | At par quarterly after six months
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| Initial levels: | 95.38 for Stoxx Banks and 3,316.81 for S&P
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| Knock-in levels: | 66.766 for Stoxx Banks and 2,321.767 for S&P, or 70% of initial levels
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| Pricing date: | Jan. 16
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| Settlement date: | Jan. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22551NJY3
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