Published on 3/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $203,000 autocallable securities on S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, March 6 – Credit Suisse AG, London Branch priced $203,000 of 0% autocallable securities due March 5, 2024 linked to 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 be automatically called at par plus an annualized redemption premium of 10% if each underlying index closes at or above its call level, on any annual review date.
The call level will be equal to the initial level on the first review date and will step down by 5% each year.
If the notes are not called, the payout at maturity will be par plus the contingent return of 50% unless either underlying index finishes below its threshold level, 80% of its initial level, If either index finishes below the threshold level, but neither finishes below the knock-in level, 60% of its initial level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Autocallable securities
|
Underlying indexes: | S&P 500, Euro Stoxx 50
|
Amount: | $203,000
|
Maturity: | March 5, 2024
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | Par plus 50% if neither index has finished below threshold level; par if either index finishes below threshold but neither finishes below knock-in level; otherwise, 1% loss for each 1% decline of the lesser performing index from its initial level
|
Call: | Automatically at par plus annualized redemption premium of 10% if each underlying closes at or above call level on any annual review date; call level is 100% of initial level on first review date and steps down by 5% each year
|
Initial levels: | 2,784.49 for S&P, 3,298.26 for Stoxx
|
Threshold levels: | 2,227.592 for S&P, 2,638.608 for Stoxx; 80% of initial levels
|
Knock-in levels: | 1,670.694 for S&P, 1,978.956 for Stoxx; 60% of initial levels
|
Pricing date: | Feb. 28
|
Settlement date: | March 5
|
Agent: | Credit Suisse Securities (USA) LLC
|
Fees: | 1.125%
|
Cusip: | 22551LWS5
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.