By Wendy Van Sickle
Columbus, Ohio, Dec. 16 – Credit Suisse AG, London Branch revised the knock-in level for its $12 million of step-up contingent coupon callable yield notes due Set. 30, 2026 linked to the S&P 500 index and the Russell 2000 index, which priced on Sept. 27, according to a revised 424B2 filed Friday with the Securities and Exchange Commission.
The knock-in level will be 50% of the initial level, down from 60% announced in the original filing.
Each month, the notes will pay a contingent coupon if each index closes at or above its coupon barrier level, also 50% of its initial level, on the observation date for that month. The contingent coupon rate is 7% per year in years one through five, 10% per year in years six through eight and 12% per year in years nine and 10.
The payout at maturity will be par unless either index finishes below the 50% knock-in level, in which case investors will be fully exposed to the losses of the worse-performing index.
Beginning Sept. 29, 2017, the notes will be callable at par quarterly.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Step-up contingent coupon callable yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $12 million
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Maturity: | Sept. 30, 2026
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Coupon: | Contingent coupon payable monthly if each index closes at or above coupon barrier level on observation date for that month; contingent coupon rate is 7% per year in years one through five, 10% per year in years six through eight and 12% per year in years nine and 10
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Price: | Par
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Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to losses of worse-performing index
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Call option: | Beginning Sept. 29, 2017, callable at par quarterly
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Initial index levels: | 2,159.93 for S&P 500 and 1,246.381 for Russell 2000
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Knock-in/coupon barriers: 1,079.965 for S&P 500 and 623.1905 for Russell 2000; 50% of initial levels
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Pricing date: | Sept. 27
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Settlement date: | Sept. 30
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 5%
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Cusip: | 22548QGN9
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