Published on 7/24/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.12 million contingent income autocallables on three indexes
By Wendy Van Sickle
Columbus, Ohio, July 24 – Credit Suisse AG, London Branch priced $2.12 million of autocallable contingent income securities due Jan. 3, 2020 to the least performing of the S&P 500 index, the Euro Stoxx 50 index and the Nikkei 225 index, according to a 424B2 filed with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7.55% if each index closes at or above its coupon barrier level, 75% of its initial index level, on the observation date that quarter.
The notes will be automatically called at par plus the contingent coupon, if any, if each index closes at or above its initial level on any quarterly observation date other than the final one.
If each index finishes at or above its downside threshold level, 75% of its initial level, the payout at maturity will be par plus the final contingent coupon, if any.
If any index finishes below its downside threshold level, investors will have full exposure to the losses of the least performing index.
Credit Suisse Securities (USA) LLC is the agent, with Morgan Stanley Smith Barney LLC handling distribution.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable contingent income securities
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index and Nikkei 225 index
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| Amount: | $2,122,000
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| Maturity: | Jan. 3, 2020
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| Coupon: | 7.55% per year, payable on a quarter if each index closes at or above coupon barrier on observation date that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon, if any; otherwise, full exposure to decline of least performing index
|
| Call: | At par if each index closes at or above initial level on any quarterly determination date other than final date
|
| Initial levels: | 2,718.37 for S&P, 3,395.6 for Stoxx, 22,304.51 for Nikkei
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| Coupon barriers: | 2,038.78 for S&P, 2,546.7 for Stoxx, 16,728.38 for Nikkei; 75% of initial levels
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| Downside thresholds: | 2,038.78 for S&P, 2,546.7 for Stoxx, 16,728.38 for Nikkei; 75% of initial levels
|
| Pricing date: | June 29
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| Settlement date: | July 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 2%
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| Cusip: | 22550WY50
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