Published on 12/15/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1 million contingent coupon callable yield notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 15 – Credit Suisse AG, London Branch priced $1 million of contingent coupon callable yield notes due Dec. 19, 2022 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 7.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date that quarter.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless any index finishes below its knock-in level, 60% of its initial level, in which case investors will be fully exposed to the decline of the least-performing index.
Credit Suisse Securities (USA) LLC is the placement agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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Amount: | $1 million
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Maturity: | Dec. 19, 2022
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Coupon: | 7.5% per year, payable quarterly if each index closes at or above coupon barrier level on observation day that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below knock-in level, in which case full exposure to decline of least-performing index
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Call option: | At par on any interest payment date
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Initial levels: | 2,662.85 for S&P, 1,524.446 for Russell and 3,581.75 for Stoxx
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Barriers: | 1,863.995 for S&P, 1,067.1122 for Russell and 2,507.225 for Stoxx; 70% of initial
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Knock-ins: | 1,597.71 for S&P, 914.6676 for Russell and 2,149.05 for Stoxx; 60% of initial levels
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Pricing date: | Dec. 13
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Settlement date: | Dec. 18
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Placement agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4%
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Cusip: | 22550BST1
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