Published on 12/1/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.86 million step-up contingent coupon callable notes on indexes
By Susanna Moon
Chicago, Dec. 1 – Credit Suisse AG priced $1.86 million of step-up contingent coupon callable yield notes due Nov. 29, 2024 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The contingent quarterly coupon will be 9% initially, stepping up to 11% on Feb. 28, 2020 and to 13% on Feb. 28, 2023.
The payout at maturity will be par unless either index finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
The notes are callable at par on any interest payment date.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
|
| Underlying indexes: | Russell 2000 and Euro Stoxx 50
|
| Amount: | $1,861,000
|
| Maturity: | Nov. 29, 2024
|
| Coupon: | If each index closes at or above its barrier level on observation date for quarter, 9% initially, stepping up to 11% on Feb. 28, 2020 and to 13% on Feb. 28, 2023; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index
|
| Call option: | At par plus the contingent coupon on any interest payment date
|
| Initial levels: | 1,186.94 for Russell and 3,211.70 for Euro Stoxx
|
| Coupon barriers: | 890.205 for Russell and 2,408.775 for Euro Stoxx; 75% of initial levels
|
| Knock-in levels: | 593.47 for Russell and 1,605.85 for Euro Stoxx; 50% of initial levels
|
| Pricing date: | Nov. 24
|
| Settlement date: | Nov. 28
|
| Agent: | Incapital LLC
|
| Fees: | 4.385%
|
| Cusip: | 22547QWH5
|
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