Published on 4/20/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.5 million contingent coupon callable yield notes on indexes
By Marisa Wong
Madison, Wis., April 20 – Credit Suisse AG, London Branch priced $1.5 million of contingent coupon callable yield notes due April 23, 2018 linked to the S&P 500 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 5.5% if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its knock-in level, 60% of its initial level, in which case investors will be fully exposed to any losses of the worse performing index.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | S&P 500 index and Russell 2000
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| Amount: | $1.5 million
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| Maturity: | April 23, 2018
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| Coupon: | 5.5% annualized, payable quarterly if each index closes at or above its barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its barrier level, in which case par plus return of worst performing index with full exposure to losses
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| Call option: | On any contingent coupon payment date beginning July 22, 2015
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| Initial levels: | 2,106.63 for S&P, 1,275.350 for Russell
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| Barrier/knock-in levels: | 1,263.978 for S&P, 765.21 for Russell; 60% of initial levels
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| Pricing date: | April 16
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| Settlement date: | April 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 22546VC20
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