Published on 2/1/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.11 million autocallable securities on oil and gas, biotech ETFs
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Credit Suisse AG, London Branch, priced $3.11 million of 0% autocallable securities due Feb. 2, 2021 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund 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 be called at par plus a premium of 15.45% a year if each fund closes at or above its initial level on an annual observation date.
If the lesser performing fund’s return is at least equal to the 70% knock-in level, the payout at maturity will be par plus 46.35%. Otherwise, investors will lose 1% for each 1% decline of the laggard fund.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Autocallable securities
|
Underlying ETFs: | SPDR S&P Oil & Gas Exploration & Production and SPDR S&P Biotech
|
Amount: | $3.11 million
|
Maturity: | Feb. 2, 2021
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | If return of each fund is at least equal to knock-in level, par plus 46.35%; otherwise, investors will lose 1% for each 1% decline of lesser performing fund
|
Call: | At par plus 15.45% per year if each fund closes at or above initial level on an annual observation date
|
Initial prices: | $39.06 for oil and gas ETF, $96.19 for biotech ETF
|
Knock-in levels: | $27.342 for oil and gas ETF, $67.333 for biotech ETF, 70% of initial level
|
Pricing date: | Jan. 26
|
Settlement date: | Feb. 2
|
Agents: | Credit Suisse Securities (USA) LLC
|
Fees: | 0%
|
Cusip: | 22550WA72
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.