Published on 7/29/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.78 million contingent coupon autocallables linked to S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, July 29 – Credit Suisse AG, London Branch priced $1.78 million of contingent coupon autocallable yield notes due Oct. 30, 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 month, the notes will pay a contingent coupon at the rate of 7.25% per year unless either index closes below its knock-in level, 70% of its initial level, on the observation date for that month.
Beginning Jan. 25, 2017, the notes will be automatically called at par if each index closes at or above its initial index level on any quarterly observation date.
The payout at maturity will be par unless either index finishes below its initial level and has closed below its knock-in level any day during the life of the notes, in which case investors will be fully exposed to the decline of the lesser-performing index.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $1,777,000
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| Maturity: | Oct. 30, 2017
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| Coupon: | Each month, notes pay contingent coupon at rate of 7.25% per year unless either index closes below knock-in level on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below initial level and has closed below knock-in level any day during life of notes, in which case full exposure to decline of lesser-performing index
|
| Call: | Automatically at par if each index closes at or above initial index level on any quarterly observation date beginning Jan. 25, 2017
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| Initial index levels: | 2,169.18 for S&P 500 and 1,216.859 for Russell 2000
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| Knock-in levels: | 1,518.426 for S&P 500 and 851.8013 for Russell 2000; 70% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 29
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| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 2.5%
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| Cusip: | 22548QBG9
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