Published on 3/20/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $9.26 million callable contingent income notes tied to indexes
By Wendy Van Sickle
Columbus, Ohio, March 20 – Credit Suisse AG, London Branch priced $9.26 million of callable contingent income securities due Sept. 20, 2019 linked to the least performing of the S&P 500 index, the Nikkei 225 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.6% if each index closes at or above its coupon barrier, 65% of its initial level, on each day during that quarter.
The notes will be callable at par plus any coupon due on any quarterly redemption date.
The payout at maturity will be par plus the final coupon unless any index finishes below its 65% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is handling distribution.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Callable contingent income securities
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Underlying indexes: | S&P 500, Nikkei 225, Euro Stoxx 50
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Amount: | $9,262,000
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Maturity: | Sept. 20, 2019
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Coupon: | 8.6%, payable quarterly if each index closes above 65% coupon barrier on each day for that quarter
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Price: | Par of $10
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Payout at maturity: | Par unless any index finishes below 65% knock-in level, in which case 1% loss per 1% decline of worst performing index
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Call option: | At par plus any coupon due on any quarterly redemption date beginning June 20, 2017
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Initial levels: | 2,385.26 for S&P, 19,577.38 for Nikkei, 3,409.32 for Stoxx
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Barrier levels: | 1,550.42 for S&P, 12,725.30 for Nikkei, 2,216.06 for Stoxx, 65% of initial levels
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Pricing date: | March 15
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Settlement date: | March 20
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Agent: | Credit Suisse Securities (USA) LLC
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Distributor: | Morgan Stanley Wealth Management.
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Fees: | 2%
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Cusip: | 22548QXJ9
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