Published on 12/13/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.32 million contingent coupon callable yield notes on EM, banking ETFs
By Wendy Van Sickle
Columbus, Ohio, Dec. 13 – Credit Suisse AG, London Branch priced $1.32 million of contingent coupon callable yield notes due June 13, 2019 linked to the lowest performing of the SPDR S&P Regional Banking exchange-traded fund and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 8.4% if each ETF closes at or above its barrier level, 70% of its initial level, on a monthly observation date.
The notes are callable at par on any observation date after three months.
The payout at maturity will be par unless either ETF finishes below its 60% knock-in level, in which case investors will be exposed to any losses of the lesser-performing ETF.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying ETFs: | SPDR S&P Regional Banking exchange-traded fund and iShares MSCI Emerging Markets exchange-traded fund
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| Amount: | $1,316,000
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| Maturity: | June 13, 2019
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| Coupon: | 8.4% per year, payable monthly if each ETF closes at or above its barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF finishes below its knock-in level, in which case investors will be exposed to any losses of lesser-performing ETF
|
| Call option: | At par on any observation date after three months
|
| Initial levels: | $45.94 for EM ETF, $59.29 for Banking ETF
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| Barrier levels: | $32.158 for EM ETF, $41.503 for Banking ETF; 70% of initial levels
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| Knock-in levels: | $27.564 for EM ETF, $35.574 for Banking ETF; 60% of initial levels
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| Pricing date: | Dec. 8
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| Settlement date: | Dec. 13
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.725%
|
| Cusip: | 22550BSZ7
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