Published on 2/1/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.94 million step-up contingent coupon notes linked to Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Credit Suisse AG priced $2.94 million of step-up contingent coupon callable yield notes due Jan. 29, 2027 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 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 coupon rate is 9% per year initially, then steps up to 12% per year on Jan. 31, 2022 and to 15% per year on Jan. 31, 2025.
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 any losses of the worse performing index.
The notes are callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Step-up contingent coupon callable yield notes
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| Underlying indexes: | Euro Stoxx 50 and Russell 2000
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| Amount: | $2,941,000
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| Maturity: | Jan. 29, 2027
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| Coupon: | Contingent coupon payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter; contingent coupon rate is 9% per year the first five years stepping up to 12%, per year on Jan. 31, 2022 and to 15% per year on Jan. 31, 2025
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below knock-in level, in which case full exposure to losses of worse-performing index
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| Call option: | Callable at par quarterly
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| Initial index levels: | 3,319.13 for Stoxx and 1,375.595 for Russell
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| Coupon barriers: | 2,323.391 for Stoxx and 962.9165 for Russell; 75% of initial levels
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| Knock-in levels: | 1,659.565 for Stoxx and 687.7975 for Russell; 50% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4.57%
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| Cusip: | 22548QS71
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