Published on 4/9/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.43 million trigger autocallable contingent yield notes on Stoxx 50, Stoxx Banks
By Wendy Van Sickle
Columbus, Ohio, April 9 – Credit Suisse AG, London Branch priced $2.43 million of trigger autocallable contingent yield notes due March 31, 2021 linked to the Euro Stoxx 50 index and the Euro Stoxx Banks 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 8.25% if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus any coupon unless either index finishes below the 65% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC are the agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Euro Stoxx Banks and Euro Stoxx 50
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Amount: | $2,433,000
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Maturity: | March 31, 2021
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Coupon: | 8.25%, payable quarterly if each index closes at or above coupon barrier level on observation date
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Price: | Par of $10
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Call: | After six months, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
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Payout at maturity: | Par plus any coupon unless index closes below downside threshold level, in which case 1% loss for each 1% decline of worse performing index from initial level
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Initial levels: | 124.56 for Stoxx Banks, 3,316.95 for Stoxx 50
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Barriers/thresholds: | 80.96 for Stoxx Banks, 2,156.02 for Stoxx 50, 65% of initial levels
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Pricing date: | March 27
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Settlement date: | March 29
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Agent: | UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC
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Fees: | 2%
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Cusip: | 22549E853
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