Published on 7/11/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $805,000 contingent coupon autocallables on two indexes, ETF
By Marisa Wong
Los Angeles, July 11 – Credit Suisse AG, London Branch priced $805,000 of contingent coupon autocallable yield notes due July 12, 2022 linked to the least performing of the S&P 500 index, Euro Stoxx 50 index and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if each asset closes at or above its coupon barrier, 69% of its initial level, on the related quarterly observation date.
The notes will be automatically called at par if each asset closes at or above its initial level on any quarterly trigger observation date beginning Jan. 7, 2021.
The payout at maturity will be par unless any asset finishes below its 69% knock-in level, in which case investors will be fully exposed to any losses of the least performing asset.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying assets: | S&P 500 index, Euro Stoxx 50 index and the iShares MSCI Emerging Markets ETF
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| Amount: | $805,000
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| Maturity: | July 12, 2022
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| Coupon: | 8% per year, payable quarterly if each asset closes at or above its coupon barrier on the related quarterly observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its knock-in level, in which case full exposure to the losses of the least performing asset
|
| Call: | Automatically at par if each asset closes at or above its initial level on any quarterly trigger observation date beginning Jan. 7, 2021
|
| Initial levels: | 2,979.63 for S&P, 3,509.75 for Stoxx, $42.54 for ETF
|
| Coupon barriers: | 2,055.9447 for S&P, 2,421.7275 for Stoxx, $29.3526 for ETF; 69% of initial levels
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| Knock-in levels: | 2,055.9447 for S&P, 2,421.7275 for Stoxx, $29.3526 for ETF; 69% of initial levels
|
| Pricing date: | July 9
|
| Settlement date: | July 12
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.55%
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| Cusip: | 22552FN73
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