Published on 8/23/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $377,000 contingent coupon autocallable yield notes on S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Aug. 23 – Credit Suisse AG, London Branch priced $377,000 of contingent coupon autocallable yield notes due Feb. 26, 2024 linked to the lesser performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 7.6% if each index closes at or above its barrier level, 80% of its initial level, on a related observation date.
The notes will be called at par if each index closes above its initial level on any quarterly autocall observation date after one year.
The payout at maturity will be par unless either index finishes below its 80% knock-in, 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: | Contingent coupon autocallable yield notes
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Underlying indexes: | S&P 500 and Euro Stoxx 50
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Amount: | $377,000
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Maturity: | Feb. 26, 2024
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Coupon: | 7.6% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless either index finishes below 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 autocall observation date after one year
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Initial levels: | 2,862.96 for S&P and 3,411.66 for Stoxx
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Barrier levels: | 2,290.368 for S&P and 2,729.328 for Stoxx; 80% of initial levels
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Knock-in levels: | 2,290.368 for S&P and 2,729.328 for Stoxx; 80% of initial levels
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Pricing date: | Aug. 21
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Settlement date: | Aug. 24
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4.1%
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Cusip: | 22551L3Q1
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