Published on 11/21/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.33 million contingent coupon callable yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Nov. 21 – Credit Suisse AG, London Branch priced $1.33 million of contingent coupon callable yield notes due Nov. 17, 2021 linked to the lowest performing of the iShares MSCI Emerging Markets ETF, Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.3% if each asset closes at or above its coupon barrier level, 70% of its initial level, on a related observation date.
The notes may be called at par plus any coupon due on quarterly redemption date.
The payout at maturity will be par unless any index finishes below its 70% knock-in level, in which case investors will fully participate in the return of least-performing index.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying assets: | iShares MSCI Emerging Markets ETF, Russell 2000 index and Dow Jones industrial average
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| Amount: | $1,331,000
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| Maturity: | Nov. 17, 2021
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| Coupon: | 8.3% per year, payable quarterly if each asset closes at or above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its 70% knock-in level, in which case investors will fully participate in the return of least-performing asset
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| Call: | At par plus any coupon due on any quarterly redemption date
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| Initial levels: | $43.13 for ETF, 1,596.454 for Russell and 28,004.89 for Dow
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| Coupon barrier levels: | $30.19 for ETF, 1,117.518 for Russell and 19,603.42 for Dow, 70% of initial levels
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| Knock-in levels: | $30.19 for ETF, 1,117.518 for Russell and 19,603.42 for Dow, 70% of initial levels
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 20
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1.5%
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| Cusip: | 22551NAG1
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