Published on 6/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $981,000 contingent coupon callable notes on S&P 500, oil ETF
By Marisa Wong
Morgantown, W.Va., June 6 – Credit Suisse AG, London Branch priced $981,000 of contingent coupon callable yield notes due May 15, 2024 linked to the least performing of 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 pay a contingent quarterly coupon at an annualized rate of 9.3% if each underlying asset closes at or above its coupon barrier level, 60% of its initial level, on the related quarterly observation date.
The notes are callable in whole at par on any quarterly call date after one year.
The payout at maturity will be par unless either asset finishes below its 50% knock-in level, in which case investors will be fully exposed to the decline of the the least-performing asset.
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 assets: | S&P 500 index and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $981,000
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| Maturity: | May 15, 2024
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| Coupon: | 9.3% per year, payable quarterly if each underlying asset closes at or above its coupon barrier on related quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either asset finishes below its knock-in level, in which case full exposure to any losses of the least-performing asset
|
| Call option: | At par on any quarterly call date after one year
|
| Initial values: | 2,881.40 for index, $29.79 for ETF
|
| Coupon barriers: | 1728.84 for index, $17.874 for ETF; 60% of initial levels
|
| Knock-in values: | 1,440.70 for index, $14.895 for ETF; 50% of initial values
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| Pricing date: | May 10
|
| Settlement date: | May 15
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.175%
|
| Cusip: | 22552FEF5
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