Published on 4/19/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $650,000 contingent income autocallable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, April 19 – Credit Suisse AG priced $650,000 of contingent income autocallable securities due April 8, 2019 linked to the S&P 500 index, the Russell 2000 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 the rate of 12.6% per year if each index closes at or above its barrier level, 80% of its initial share price, each day that quarter.
The notes will be automatically called at par of $10 plus the contingent coupon if each index closes at or above its initial share price on any observation date.
If the each index finishes at or above its barrier level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be fully exposed to the decline of the least performing index.
Credit Suisse Securities (USA) Inc. is the agent. Morgan Stanley Smith Barney LLC is acting as distributor.
| Issuer: | Credit Suisse AG
|
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
|
| Amount: | $650,000
|
| Maturity: | April 8, 2019
|
| Coupon: | 12.6% per year, payable quarterly if each index closes at or above barrier level every day that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If final level of each index is greater than or equal to barrier level, par plus final contingent coupon; otherwise, 1% loss for every 1% decline of least-performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any determination date
|
| Initial levels: | 2,358.84 for S&P, 1.369.668 for Russell, 3,472.94 for Stoxx
|
| Barrier: | 1,887.07 for S&P, 1,095.734 for Russell, 2,778.35 for Stoxx, 80% of initial levels
|
| Pricing date: | April 3
|
| Settlement date: | April 6
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Distributor: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2%
|
| Cusip: | 22548QZ57
|
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