Published on 4/19/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $800,000 contingent coupon autocallable yield notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, April 19 – Credit Suisse AG, London Branch priced $800,000 of contingent coupon autocallable yield notes due July 18, 2018 linked to the lowest performing of 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 pay a monthly coupon at an annualized rate of 8% if each asset closes at or above its barrier level, 65% of its initial level, on a monthly observation date.
The notes will be called automatically if each asset closes at or above its initial level on any quarterly call observation date beginning in July.
The payout at maturity will be par unless either asset finishes below its 65% knock-in level, in which case investors will be fully exposed to any losses of the lesser-performing asset.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying assets: | S&P 500 index and SPDR S&P Biotech exchange-traded fund
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Amount: | $800,000
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Maturity: | July 18, 2018
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Coupon: | 8% per year, payable monthly if each asset closes at or above its barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless either asset finishes below its knock-in level, in which case full exposure to any losses of the lesser-performing asset
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Call: | Automatically if each asset closes at or above its initial level on any quarterly call observation date beginning in July
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Initial levels: | $68.47 for ETF, 2,328.95 for S&P
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Barrier/knock-in levels: | $44.5055 for ETF, 1,513.8175 for S&P; 65% of initial levels
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Pricing date: | April 13
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Settlement date: | April 18
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.325%
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Cusip: | 22548QZR9
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