Published on 6/14/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.19 million contingent coupon autocallable yield notes on oil and gas ETF
By Wendy Van Sickle
Columbus, Ohio, June 14 – Credit Suisse AG, London Branch priced $1.19 million of contingent coupon autocallable yield notes due Sept. 14, 2018 linked to the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF closes at or above the coupon barrier level, about 70% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that period at a rate of 11% per year.
If the closing share price is greater than or equal to the initial share price on Dec. 11, 2017, March 9, 2018 or June 11, 2018, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the 70% knock-in price, in which case investors will lose 1% for each 1% decline.
J.P. Morgan Securities LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying ETF: | SPDR S&P Bank exchange-traded fund
|
| Amount: | $1,186,000
|
| Maturity: | Sept. 14, 2018
|
| Contingent payment: | 11% per year, payable quarterly if ETF closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par, unless ETF finishes below knock-in price, in which case 1% loss for each 1% decline
|
| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on Dec. 11, 2017, March 9, 2018 or June 11, 2018
|
| Initial share price: | $32.61
|
| Coupon barrier/knock-in price: | $22.827, 70% of initial share price
|
| Pricing date: | June 9
|
| Settlement date: | June 14
|
| Agents: | J.P. Morgan Securities LLC
|
| Fees: | 0.75%
|
| Cusip: | 22550B7L1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
