Published on 8/14/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $13.83 million contingent coupon autocallable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 14 – Credit Suisse AG, London Branch priced $13.83 million of contingent coupon autocallable yield notes due Aug. 14, 2020 linked to the lowest performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 8.6% if each index closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each index closes above its initial level on any monthly trigger observation date after six months.
The payout at maturity will be par unless either index closes below its 70% knock-in level any day during the life of the notes and either index finishes below its initial level, in which case investors will fully participate in the return of least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| 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, Nasdaq-100
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| Amount: | $13,827,000
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| Maturity: | Aug. 14, 2020
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| Coupon: | 8.6% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless either index closes below its 70% knock-in level any day during the life of the notes and any index finishes below its initial level, in which case investors will fully participate in the return of least-performing index
|
| Call: | At par plus coupon if each index closes above initial level on any monthly trigger observation date after six months
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| Initial levels: | 2,918.65 for S&P and 7,646.268 for Nasdaq
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| Coupon barrier levels: | 2,043.055 for S&P and 5,352.3976 for Nasdaq, 70% of initial levels
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| Knock-in levels: | 2,043.055 for S&P and 5,352.3976 for Nasdaq, 70% of initial levels
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| Pricing date: | Aug. 9
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| Settlement date: | Aug. 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22552FSC7
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