Published on 10/7/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $741,000 contingent coupon autocallables linked to oil ETFs
By Angela McDaniels
Tacoma, Wash., Oct. 7 – Credit Suisse AG, London Branch priced $741,000 of contingent coupon autocallable yield notes due Dec. 30, 2020 linked to the lesser performing of the VanEck Vectors Oil Services 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.
Each month, the notes pay a contingent coupon at the rate of 18% per year if each ETF closes at or above its knock-in level, 70% of its initial level, on the observation date for that month.
The notes will be automatically called at par if each ETF closes at or above its initial share price on March 25, 2020, June 25, 2020 or Sept. 25, 2020.
The payout at maturity will be par unless either ETF finishes below its knock-in level, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines from its initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying ETFs: VanEck Vectors Oil Services ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $741,000
|
| Maturity: | Dec. 30, 2020
|
| Coupon: | 18% per year, payable monthly if each ETF closes at or above knock-in level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF finishes below knock-in level, in which case exposure to decline of lesser-performing ETF
|
| Call: | Automatically at par if each ETF closes at or above initial share price on March 25, 2020, June 25, 2020 or Sept. 25, 2020
|
| Initial share prices: | $12.26 for VanEck ETF and $23.08 for SPDR ETF
|
| Knock-in levels: | $8.582 for VanEck ETF and $16.156 for SPDR ETF, or 60% of initial share prices
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 22552FX72
|
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