Published on 12/11/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.3 million contingent coupon callable yield notes on indexes
By Devika Patel
Knoxville, Tenn., Dec. 11 – Credit Suisse AG, London Branch, priced $2.3 million of contingent coupon callable yield notes due Dec. 14, 2018 linked to the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 6.7% per year unless either index closes below its barrier level, 65% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 65% knock-in level, in which case investors will be fully exposed to the decline of the lesser-performing index.
The notes are callable at par on any interest payment date.
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 index and the Dow Jones industrial average
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| Amount: | $2.3 million
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| Maturity: | Dec. 16, 2016
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 6.7% per year unless either index closes below barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to decline of lesser-performing index
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| Call option: | At par on any interest payment date
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| Initial index levels: | 2,047.62 for S&P 500, 17,492.30 for Dow Jones
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| Barrier/knock-in levels: | 1,330.953 for S&P 500, 11,369.995 for Dow Jones; 65% of initial levels
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| Pricing date: | Dec. 9
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| Settlement date: | Dec. 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.8%
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| Cusip: | 22546VS98
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