Published on 6/9/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.95 million contingent coupon callable notes tied to indexes
By Tali Rackner
Norfolk, Va., June 9 – Credit Suisse AG, London Branch priced $1.95 million of contingent coupon callable yield notes due Sept. 5, 2017 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.75% per year unless either index closes below its barrier level, 70% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will be fully exposed to the decline of the lesser-performing index.
The notes are callable at par on any contingent coupon payment date beginning Sept. 6.
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 and Russell 2000
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Amount: | $1,946,000
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Maturity: | Sept. 5, 2017
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Coupon: | Each quarter, notes pay contingent coupon at rate of 8.75% per year unless either index closes below barrier level on observation date for that quarter
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Price: | Par of $1,000
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Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to decline of lesser-performing index
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Call option: | At par on any contingent coupon payment date beginning Sept. 6
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Initial index levels: | 2,096.96 for S&P 500 and 1,154.792 for Russell 2000
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Barrier/knock-in levels: | 1,467.872 for S&P 500 and 808.3544 for Russell 2000; 70% of initial levels
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Pricing date: | May 31
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Settlement date: | June 3
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.95%
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Cusip: | 22548Q5J0
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