Published on 9/30/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.23 million fixed-to-contingent coupon notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Sept. 30 – Credit Suisse AG, London Branch priced $3.23 million of fixed-to-contingent coupon callable yield notes due Sept. 30, 2024 linked to the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The initial interest rate is 7%. Beginning Sept. 28, 2018, the notes will pay a contingent coupon at the rate of 7% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its knock-in level, 50% of its initial level, in which case investors will be fully exposed to the decline of the lesser performing index.
Beginning Sept. 30, 2015, the notes are callable on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Fixed-to-contingent coupon callable yield notes
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Underlying indexes: | Russell 2000, Euro Stoxx 50
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Amount: | $3,227,000
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Maturity: | Sept. 30, 2024
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Contingent coupon: | Initial interest rate is 7%; beginning Sept. 28, 2018, notes will pay contingent coupon at rate of 7% per year if each index closes at or above coupon barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | If final level of each index is greater than or equal to its knock-in level, par; otherwise, full exposure to decline of lesser performing index
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Call option: | At par on any interest payment date from Sept. 30, 2015 onward
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Initial index levels: | 1,110.242 for Russell 2000 and 3,202.310 for Euro Stoxx 50
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Coupon barriers: | 777.1694 for Russell 2000 and 2,241.617 for Euro Stoxx 50; 70% of initial levels
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Knock-in levels: | 555.121 for Russell 2000 and 1,601.155 for Euro Stoxx 50; 50% of initial levels
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4.84%
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Cusip: | 22547QT63
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