By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – Credit Suisse AG, London Branch, priced $1.1 million of autocallable securities due Oct. 30, 2020 linked to the S&P 500 index and the SPDR S&P Biotech 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 18.75% if each underlying asset is at or above its initial level on any annual review date.
If each underlying asset finishes at or above its initial level, the payout at maturity will be par plus a contingent maximum return of 75%.
If either underlying asset finishes below its initial level but neither asset falls by 40% or more, the payout will be par plus 10%.
If either underlying asset finishes at or below the 60% knock-in level, investors will lose 1% for each 1% decline of the lesser performing index.
Credit Suisse Securities (USA) LLC 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 index and SPDR S&P Biotech ETF
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Amount: | $1.1 million
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Maturity: | Oct. 30, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus contingent maximum return of 75% if each underlying asset finishes at or above its initial level; par plus 10% if each underlying asset finishes below its initial level but neither asset falls by 40% or more; otherwise, 1% loss for each 1% decline of worse-performing asset
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Call: | At par plus 18.75% per year if each underlying asset closes at or above its initial level on any annual observation date
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Initial levels: | 2,151.33 for index and $59.15 for ETF
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Knock-in levels: | 1,290.798 for index and $35.49 for ETF, 60% of initial levels
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Pricing date: | Oct. 24
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Settlement date: | Oct. 31
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.6%
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Cusip: | 22548QLJ2
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