Published on 5/4/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.5 million 8% contingent coupon autocalls tied to Stoxx, Russell
By Susanna Moon
Chicago, May 4 – Credit Suisse AG, London Branch priced $1.5 million of contingent coupon autocallable yield notes due April 28, 2023 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each index closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date.
The payout at maturity will be par unless either index ever closes below its 65% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $1,504,000
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| Maturity: | Oct. 30, 2019
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| Coupon: | 8% annualized, payable quarterly if each index closes at or above 65% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index ever closes below 65% knock-in level, in which case 1% loss per 1% decline of worse performing index
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| Call: | At par if each asset closes at or above its initial level on any review date beginning Oct. 16, 2018
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| Initial levels: | 3,485.83 for Stoxx, 1,550.467 for Russell
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| Trigger levels: | 2,265.7895 for Stoxx, 1,007.80355 for Russell, 65% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.125%
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| Cusip: | 22550WKP1
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