Published on 5/24/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $8.52 million contingent coupon callable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, May 24 – Credit Suisse AG, London Branch priced $8.52 million of contingent coupon callable yield notes due May 26, 2020 linked to the lowest performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual coupon at an annualized rate of 6.5% if each index closes at or above its barrier level, 70% of its initial level, on a semiannual observation date.
The notes will be callable at par on any payment date beginning Nov. 27, 2017.
The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the least-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, Dow Jones industrial average, Russell 2000
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Amount: | $8,519,000
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Maturity: | May 26, 2020
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Coupon: | 6.5% per year, payable semiannually if each index closes at or above its barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless either index finishes below its knock-in level, in which case full exposure to any losses of the least-performing index
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Call option: | At par on any payment date beginning Nov. 27, 2017
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Initial levels: | 1,367.33 for Russell, 2,381.73 for S&P
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Barrier/knock-in levels: | 957.131 for Russell, 1,667.211 for S&P; 70% of initial levels
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Pricing date: | May 19
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Settlement date: | May 26
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.3%
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Cusip: | 22550B3T8
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