Published on 5/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.77 million trigger callable contingent yield notes linked to three indexes
By Wendy Van Sickle
Columbus, Ohio, May 6 – Credit Suisse AG, London Branch priced $3.77 million of trigger callable contingent yield notes with daily coupon observation due Nov. 2, 2022 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9% per year if each index’s closing level remains at or above its coupon barriers, 70% of its initial level, on each day during that quarter.
After six months, the notes are redeemable at par of $10 on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 55% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. is acting as distributor.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger callable contingent yield notes with daily coupon observation
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Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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Amount: | $3,774,000
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Maturity: | Nov. 2, 2022
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Coupon: | 9% per year, payable quarterly if each index closes at or above its downside threshold on each day during that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | After six months, at par on any quarterly observation date other than final one
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Initial levels: | 2,939.88 for S&P 500, 1,591.816 for Russell 2000 and 3,500.41 for Euro Stoxx 50
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Coupon barriers: | 2,057.92 for S&P 500, 1,114.271 for Russell 2000 and 2,450.29 for Euro Stoxx 50; 70% of initial levels
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Downside thresholds: | 1,616.93 for S&P 500, 875.499 for Russell 2000 and 1,925.23 for Euro Stoxx 50; 55% of initial levels
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Trade date: | April 26
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Settlement date: | April 30
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Distributor: | UBS Financial Services Inc.
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Fees: | 1%
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Cusip: | 22550F351
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