Published on 9/15/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $815,000 step-up contingent coupon callable yield notes
By Wendy Van Sickle
Columbus, Ohio, Sept. 15 – Credit Suisse AG, London Branch, priced $815,000 of step-up contingent coupon callable yield notes due Aug. 31, 2027 linked to the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon unless any index closes below its barrier level, 70% of its initial level, on the observation date for that quarter. The contingent coupon is 8% per annum initially, stepping up to 12% on Aug. 31, 2022.
The payout at maturity will be par plus the final coupon, if any, unless any index finishes below its 50% knock-in level, in which case investors will lose 1% for each 1% decline of the least performing index.
The notes are callable in whole but not in part at par on any quarterly early redemption date beginning on Aug. 31, 2018.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
|
| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
|
| Amount: | $815,000
|
| Maturity: | Aug. 31, 2027
|
| Coupon: | Each quarter, notes pay contingent coupon unless any index closes below barrier level on observation date for that quarter; coupon is 8% per annum initially, stepping up to 12% on Aug. 31, 2022
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below knock-in level, in which case 1% loss for each 1% decline of least-performing index
|
| Call option: | In whole, at par on any quarterly early redemption date beginning on Aug. 31, 2018
|
| Initial levels: | 3,421.03 for Stoxx, 1,382.229 for Russell, 2,444.24 for S&P, closing levels on Aug. 28, 2017
|
| Barrier levels: | 2,565.7725 for Stoxx, 1,036.67175 for Russell, 1,833.18 for S&P, 75% of initial level
|
| Knock-in levels: | 1,710.515 for Stoxx, 691.1145 for Russell, 1,222.12 for S&P 50% of initial level
|
| Strike date: | Aug. 28
|
| Pricing date: | Sept. 13
|
| Settlement date: | Sept. 15
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 5%
|
| Cusip: | 22550BHR7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
