Published on 7/8/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.59 million contingent coupon callable yield notes on indexes
By Tali Rackner
Norfolk, Va., July 8 – Credit Suisse AG, London Branch priced $2.59 million of contingent coupon callable yield notes due July 2, 2018 linked to the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.7% unless either index closes below its barrier level, 60% of its initial level, on the observation date for that quarter.
Beginning Jan. 3, 2017, the notes will be callable at par on any interest payment date.
The payout at maturity will be par unless either index has closed below its knock-in level any day during the life of the notes and either index finishes below its initial level, in which case investors will be fully exposed to the decline of the lesser 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 and Euro Stoxx 50
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Amount: | $2,587,000
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Maturity: | July 2, 2018
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Coupon: | Each quarter, notes pay contingent coupon at rate of 9.7% 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 closes below its knock-in level any day during the life of the notes and either index finishes below initial 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 beginning Jan. 3, 2017
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Initial index levels: | 2,036.09 for S&P and 2,758.67 for Euro Stoxx
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Knock-in/barrier levels: | 1,221.654 for S&P and 1,655.202 for Euro Stoxx; 60% of initial levels
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Pricing date: | June 28
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Settlement date: | July 1
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.55%
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Cusip: | 22548QBB0
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