Published on 10/2/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $8.59 million market-linked step-up autocalls on Stoxx
By Sarah Lizee
Olympia, Wash., Oct. 2 – Credit Suisse AG, London Branch priced $8.59 million of 0% autocallable market-linked step-up notes due Sept. 28, 2023 tied to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annual call premium of 11.4% if the index closes at or above the initial level on Oct. 3, 2019, Sept. 17, 2020, Sept. 16, 2021 and Sept. 22, 2022.
If the notes are not called and the index finishes above the step-up value, 150% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 50%.
Investors will receive par if the index falls by up to 15% and will lose 1% for each 1% decline of the index beyond 15%.
BofA Merrill Lynch is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Euro Stoxx 50
|
| Amount: | $8,593,730
|
| Maturity: | Sept. 28, 2023
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up value, par plus the index gain; if the index finishes at or below the step-up level but at or above the initial level, par plus 50%; par if the index falls by up to 15%; 1% loss for each 1% decline of the index beyond 15%
|
| Call: | Automatically at par plus an annual call premium of 11.4% if the index closes at or above the initial level on Oct. 3, 2019, Sept. 17, 2020, Sept. 16, 2021 and Sept. 22, 2022.
|
| Initial index level: | 3,449.79
|
| Step-up value: | 5,174.69, 150% of initial value
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 5
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 22548Y470
|
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