Published on 9/7/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.62 million contingent coupon callable yield notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Sept. 7 – Credit Suisse AG, London Branch priced $3.62 million of contingent coupon callable yield notes due Sept. 9, 2019 linked to the SPDR S&P Biotech exchange-traded fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.4% unless either asset closes below its barrier level, 50% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either asset finishes below its barrier level, in which case investors will be fully exposed to the decline of the lesser-performing asset.
Beginning Dec. 7, 2017, the notes will be callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying assets: | S&P 500 and SPDR S&P Biotech ETF
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Amount: | $3,615,000
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Maturity: | Sept. 9, 2019
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Coupon: | Each quarter, notes pay contingent coupon at rate of 9.4% per year unless either asset closes below knock-in level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either asset finishes below knock-in level, in which case full exposure to decline of lesser-performing asset
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Call option: | At par on any interest payment date from Dec. 7, 2017 onward
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Initial levels: | 2,170.86 for index and $60.37 for ETF
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Knock-in levels: | 1,085.43 for index and $30.185 for ETF; 50% of initial levels
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Pricing date: | Sept. 1
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Settlement date: | Sept. 7
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.7%
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Cusip: | 22548QEV3
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