Published on 8/31/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $500,000 step-up contingent coupon autocallable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 31 – Credit Suisse AG, London Branch priced $500,000 of step-up contingent coupon autocallable yield notes due Aug. 31, 2022 linked to the lowest performing of 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 quarterly coupon at an annualized rate if each index closes at or above its barrier level, 70% of its initial level, on the observation date. The annual rate will be 6% initially, stepping up to 10% on Aug. 31, 2022.
The notes will be called at par if each index closes above its initial level on any quarterly call date beginning Aug. 26, 2020.
The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the lesser-performing index.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Step-up contingent coupon autocallable yield notes
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Underlying indexes: | Euro Stoxx 50, Russell 2000
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Amount: | $500,000
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Maturity: | Aug. 31, 2022
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Coupon: | Payable quarterly at an annualized rate if each index closes at or above its barrier level on observation date; rate is 6% initially and steps up to 10% on Aug. 31, 2022
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Price: | Par
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Payout at maturity: | Par unless either index finishes below 70% knock-in level, in which case full exposure to any losses of the lesser-performing index
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Call: | At par if each index closes above initial level on any quarterly call date beginning Aug. 26, 2020
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Initial levels: | 3,421.03 for Stoxx, 1,382.229 for Russell
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Barriers/knock-in levels: | 2,394.721.18 for Stoxx and 967.5603 for Russell; 70% of initial levels
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Pricing date: | Aug. 28
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Settlement date: | Aug. 31
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Agents: | Credit Suisse Securities (USA) LLC
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Fees: | 4%
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Cusip: | 22550BEW9
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