Published on 11/28/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.48 million contingent coupon callable yield notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, Nov. 28 – Credit Suisse AG, London Branch priced $1.48 million of contingent coupon callable yield notes due Nov. 24, 2021 linked to the lesser performing of the Russell 2000 index, the iShares MSCI EAFE ETF and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of 7.5% per year unless any underlying asset closes below its 60% coupon barrier on the observation date for that month.
The payout at maturity will be par unless any underlying finishes below its 60% knock-in level, in which case investors will lose 1% for each 1% decline of the lesser-performing underlying.
Beginning Nov. 26, 2018, the notes will be callable at par on any quarterly call date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | Russell 2000 index, iShares MSCI EAFE ETF, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1,481,000
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| Maturity: | Nov. 24, 2021
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| Coupon: | 7.5% per year, payable monthly unless any underlying asset closes below coupon barrier on observation date for month
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any underlying finishes below knock-in level, in which case 1% loss for each 1% decline of lesser-performing underlying
|
| Call option: | At par on any quarterly call date after one year
|
| Initial levels: | 1,503.396 for Russell, $69.06 for MSCI EAFE, $34.58 for oil and gas ETF
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| Coupon/knock-in barriers: | 902.0376 for Russell, $41.436 for MSCI EAFE, $20.748 for oil and gas ETF; 60% of initial levels
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 24
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.4%
|
| Cusip: | 22550BN41
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