Published on 7/26/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $8.79 million autocallable securities on S&P 500, oil & gas ETF
By Wendy Van Sickle
Columbus, Ohio, July 26 – Credit Suisse AG, London branch priced $8.79 million of autocallable securities due July 29, 2020 linked to the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 19% if each underlying asset is at or above its initial level on any annual review date.
If the notes are not called, the payout at maturity will be par plus 10% unless either underlying asset closes below 60% of its initial price, in which case investors will be fully exposed to the decline of the lesser-performing asset.
Credit Suisse is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable securities
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Underlying assets: | S&P 500 and SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $8,789,000
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Maturity: | July 29, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus contingent return of 10% if knock-in event does not occur; otherwise, exposure to decline of worse-performing asset
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Knock-in event: | Either asset finishes below its knock-in level
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Call: | At par plus 19% per year if each underlying asset closes at or above its initial level on any annual observation date
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Initial levels: | 2,175.03 for index and $34.18 for ETF
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Knock-in levels: | 1,305.018 for index and $20.508 for ETF, 60% of initial levels
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Pricing date: | July 22
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Settlement date: | July 29
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Underwriter: | Credit Suisse Securities (USA) LLC
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Fees: | 2.6%
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Cusip: | 22548QBZ7
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