Published on 8/1/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $780,000 contingent coupon callable yield notes on index, ETF
By Tali Rackner
Minneapolis, Aug. 1 – Credit Suisse AG, London Branch priced $780,000 of contingent coupon callable yield notes due July 31, 2020 linked to the lesser performing of the S&P 500 index and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of 6.6% per year unless either underlying asset closes below its 50% coupon barrier on the observation date for that quarter.
The payout at maturity will be par unless either underlying finishes below its 50% knock-in level, in which case investors will lose 1% for each 1% decline of the lesser-performing underlying.
Beginning Jan. 31, 2018, the notes will be callable at par on any contingent coupon payment date prior to maturity.
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 indexes: | S&P 500 index, SPDR S&P Biotech ETF
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Amount: | $780,000
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Maturity: | July 31, 2020
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Coupon: | 6.6% per year, payable quarterly unless either underlying asset closes below coupon barrier on observation date for quarter
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Price: | Par of $1,000
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Payout at maturity: | Par unless either underlying finishes below knock-in level, in which case 1% loss for each 1% decline of lesser-performing underlying
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Call option: | At par on any contingent coupon payment date other than the maturity date, beginning Jan. 31, 2018
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Initial levels: | 2,477.83 for S&P, $80.79 for Biotech ETF
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Coupon/knock-in barriers: | 1,238.915 for S&P, $40.395 for Biotech ETF; 50% of initial levels
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.75%
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Cusip: | 22550BDJ9
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