Published on 3/15/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.7 million contingent coupon callable notes tied to S&P 500, Stoxx
By Wendy Van Sickle
Columbus, Ohio, March 15 – Credit Suisse AG, London Branch priced $1.7 million of contingent coupon callable yield notes due March 15, 2022 linked to the least performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.05% if each index closes above its 65% barrier on the observation date for that quarter.
The notes are callable at par on any contingent interest payment date after one year.
The payout at maturity will be par unless either index finishes below its 65% barrier, in which case investors will be fully exposed to any losses of worse performing index.
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, Euro Stoxx 50
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Amount: | $1,703,000
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Maturity: | March 15, 2022
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Coupon: | 8.05% per year, payable quarterly if each index closes at or above its 65% barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below 65% barrier, in which case 1% loss per 1% decline of worse performing index
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Call option: | At par on any contingent interest payment date after one year
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Initial levels: | 3,416.27 for Stoxx, 2,372.60 for S&P
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Barriers: | 2,220.5755 for Stoxx, 1,542.19 for S&P; 65% of initial levels
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Pricing date: | March 10
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Settlement date: | March 15
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.25%
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Cusip: | 22548QXH3
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