Published on 5/2/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3 million contingent coupon autocallable yield notes on index, ETFs
By Sarah Lizee
Olympia, Wash., May 2 – Credit Suisse AG, London Branch priced $3 million of contingent coupon autocallable yield notes due May 4, 2021 linked to the least performing of the Nasdaq-100 index, the SPDR S&P Midcap 400 ETF trust and the iShares MSCI Eurozone ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 11.25% if each asset closes at or above its coupon barrier, 80% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each asset closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any asset finishes below its 80% knock-in level, in which case investors will be fully exposed to any losses of the least performing asset.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying assets: | Nasdaq-100 index, the SPDR S&P Midcap 400 ETF trust and the iShares MSCI Eurozone ETF
|
| Amount: | $3 million
|
| Maturity: | May 4, 2021
|
| Coupon: | 11.25% per year, payable quarterly if each fund closes at or above its coupon barrier on the quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below knock-in level, in which case full exposure to the losses of the least performing asset
|
| Call: | Automatically at par if each asset closes at or above its initial level on any quarterly trigger observation date
|
| Initial prices: | 7,839.039 for index, $359.76 for S&P ETF, $40.32 for Eurozone ETF
|
| Coupon barriers: | 6,271.2312 for index, $287.808 for S&P ETF, $32.256 for Eurozone ETF; 80% of initial levels
|
| Knock-ins: | 6,271.2312 for index, $287.808 for S&P ETF, $32.256 for Eurozone ETF; 80% of initial levels
|
| Pricing date: | April 29
|
| Settlement date: | May 6
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.75%
|
| Cusip: | 22552FBS0
|
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