Published on 1/29/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.05 million step-up contingent coupon callable notes on S&P 500
By Toni Weeks
San Luis Obispo, Calif., Jan. 29 – Credit Suisse AG, London Branch priced $1.05 million of step-up contingent coupon callable yield notes due Jan. 30, 2030 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon if the index closes at or above its barrier level, 70% of its initial level, on the observation date for that interest period. The coupon will be 7% initially, stepping up to 8% on April 30, 2020 and to 9% on April 30, 2025. Interest is payable quarterly.
The payout at maturity will be par unless the index finishes below its 50% knock-in level, in which case investors will be fully exposed to losses.
The notes will be callable at par on any interest payment date.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
|
| Underlying index: | S&P 500
|
| Amount: | $1,051,000
|
| Maturity: | Jan. 30, 2030
|
| Coupon: | Applicable coupon paid quarterly if index closes at or above barrier level on observation date for that quarter; coupon is 7% initially, stepping up to 8% on April 30, 2020 and to 9% on April 30, 2025
|
| Price: | Par
|
| Payout at maturity: | If index falls below knock-in level, par plus return, with full exposure to losses; otherwise, par
|
| Call option: | At par plus coupon on any interest payment date beginning April 30, 2015
|
| Initial level: | 2,029.55
|
| Barrier level: | 1,420.685, 70% of initial level
|
| Knock-in level: | 1,014.775, 50% of initial level
|
| Pricing date: | Jan. 27
|
| Settlement date: | Jan. 30
|
| Agent: | Incapital LLC
|
| Fees: | 4.79%
|
| Cusip: | 22547QXH4
|
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