Published on 3/3/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $666,000 contingent coupon callable yield notes on oil, energy funds
By Wendy Van Sickle
Columbus, Ohio, March 3 – Credit Suisse AG, London Branch priced $666,000 of contingent coupon callable yield notes due Sept. 5, 2017 linked to the United States Oil Fund, LP and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay quarterly coupon at an annualized rate of 10.25% if each fund closes above its barrier level, 50% of its initial level, on the observation date for that quarter.
The notes are callable at par on any coupon payment date.
The payout at maturity will be par unless either of the funds finishes below its barrier, in which case investors will be exposed to the decline of the worse-performing fund.
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 funds: | United States Oil Fund, LP, Energy Select Sector SPDR fund
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| Amount: | $666,000
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| Maturity: | Sept. 5, 2017
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 10.25% per year unless either fund closes below barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below barrier level, in which case full exposure to decline of lesser-performing fund
|
| Call: | At par on coupon payment date
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| Initial fund levels: | $9.15 for United States Oil and $58.06 for Energy Select Sector SPDR
|
| Barrier levels: | $4.575 for United States Oil and $29.03 for Energy Select Sector SPDR; 50% of initial levels
|
| Pricing date: | March 1
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| Settlement date: | March 4
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.8%
|
| Cusip: | 22546VY42
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