Published on 10/4/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $629,000 contingent coupon autocallables linked to biotech, energy ETFs
By Angela McDaniels
Tacoma, Wash., Oct. 4 – Credit Suisse AG, London Branch priced $629,000 of contingent coupon autocallable yield notes due Sept. 30, 2021 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 11% per year if each ETF closes at or above its knock-in level, 60% of its initial level, on the observation date for that quarter.
Beginning March 25, 2020, the notes will be automatically called at par if each ETF closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either ETF closes below its knock-in level during the life of the notes, in which case investors will receive par plus the return of the lesser-performing ETF, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying ETFs: SPDR S&P Biotech ETF and Energy Select Sector SPDR fund
|
| Amount: | $629,000
|
| Maturity: | Sept. 30, 2021
|
| Coupon: | 11% per year, payable quarterly if each ETF closes at or above knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF closes below knock-in level during life of notes, in which case par plus return of lesser-performing ETF, subject to maximum payout of par
|
| Call: | Beginning March 25, 2020, automatically at par if each ETF closes at or above initial share price on any quarterly observation date
|
| Initial share prices: | $79.28 for biotech ETF and $60.43 for energy fund
|
| Knock-in levels: | $47.568 for biotech ETF and $36.258 for energy fund, or 60% of initial share prices
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22552FVQ2
|
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