Published on 9/14/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.98 million 6% contingent coupon callables tied to two indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 14 – Credit Suisse AG, London Branch priced $2.98 million of contingent coupon callable yield notes due March 6, 2020 linked to the worse performing of the Russell 2000 index and the S&P 500 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% if each underlying index closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes are callable on any review date after six months.
The payout at maturity will be par unless either underlying index closes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the 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: | Russell 2000, S&P 500
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Amount: | $2,981,000
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Maturity: | March 6, 2020
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Coupon: | 6% annualized, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | If each index closes at or above knock-in level, par; otherwise, 1% loss for each 1% decline of worse performing index
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Call option: | At par on any interest payment date after six months
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Initial levels: | 2,901.52 for S&P, 1,740.753 for Russell
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Trigger levels: | 1,740.912 for S&P, 1,044.4518 for Russell, 60% of initial levels
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Pricing date: | Aug. 31
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Settlement date: | Sept. 6
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.15%
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Cusip: | 22550BWG4
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