Published on 5/25/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.91 million trigger autocallable contingent yield notes on Stoxx, S&P
By Wendy Van Sickle
Columbus, Ohio, May 25 – Credit Suisse AG, London Branch priced $1.91 million trigger autocallable contingent yield notes due May 29, 2020 linked to 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 annual rate of 6.552% if each index closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the contingent coupon, unless either index finishes below the 60% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500 and Euro Stoxx 50
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| Amount: | $1.91 million
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| Maturity: | May 29, 2020
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| Coupon: | 6.552%, payable quarterly if each index closes at or above coupon barrier on observation date
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| Price: | Par of $10
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date after six months
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| Payout at maturity: | Par plus coupon unless either index closes below downside threshold level, in which case will lose 1% for each 1% decline of the worse performing index from initial level
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| Initial levels: | 2,733.01 for S&P, 3,572.57 for Stoxx
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| Coupon barrier/thresholds: | 1,698.81 for S&P, 2,143.54 for Stoxx, 60% of initial levels
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| Pricing date: | May 22
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| Settlement date: | May 30
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| Agents: | UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC
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| Fees: | 0%
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| Cusip: | 22549M608
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