Published on 2/14/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $916,000 10% contingent coupon callables tied to biotech fund
By Susanna Moon
Chicago, Feb. 14 – Credit Suisse AG, London Branch priced $916,000 of callable contingent coupon notes due Feb. 5, 2019 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10% if the underlying fund closes at or above its 70% coupon barrier on the review date for that month.
The notes are callable at par on any review date.
The payout at maturity will be par unless the fund ever closes below its 70% knock-in level on any trading day during the life of the notes, in which case investors will be exposed to any losses.
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 asset: | SPDR S&P Biotech ETF
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| Amount: | $916,000
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| Maturity: | Feb. 5, 2019
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| Coupon: | 10% annualized, payable monthly if fund closes at or above its 70% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless fund ever closes below 70% knock-in level, in which case 1% loss per 1% decline
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| Call option: | At par on Aug. 1, 2018 or Oct. 31, 2018
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| Initial level: | $93.37
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| Trigger level: | $65.359, 70% of initial level
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.85%
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| Cusip: | 22550W3G0
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