Published on 9/15/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $180,000 contingent coupon autocallables on Gold Miners ETF
By Marisa Wong
Morgantown, W.Va., Sept. 15 – Credit Suisse AG, London Branch priced $180,000 of contingent coupon autocallable yield notes due Dec. 12, 2018 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 7.15% if the fund closes at or above the coupon barrier, 65% of the initial level, on the observation date for that month.
The notes will be called at par plus the contingent coupon if the fund closes at or above the initial level on March 7, 2018, June 7, 2018 or Sept. 7, 2018.
The payout at maturity will be par unless the fund closes below the 65% knock-in level on any day during the life of the notes, in which case the payout will be par plus the fund return, subject to a maximum payout of par, with full exposure to any losses.
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 fund: | VanEck Vectors Gold Miners ETF
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| Amount: | $180,000
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| Maturity: | Dec. 12, 2018
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| Contingent payment: | 7.15% per year, payable each month that fund closes at or above coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par, unless share fund closes below knock-in level on any day during the life of the notes, in which case par plus the fund return, subject to a maximum payout of par, with full exposure to any losses
|
| Call: | Automatically at par plus contingent payment if the fund closes at or above the initial level on March 7, 2018, June 7, 2018 or Sept. 7, 2018
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| Initial level: | $25.49
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| Coupon barrier: | $16.5685, 65% of initial level
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| Knock-in level: | $16.5685, 65% of initial level
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| Pricing date: | Sept. 7
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| Settlement date: | Sept. 12
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
|
| Cusip: | 22550BFR9
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