Published on 6/15/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.05 million contingent coupon callable yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, June 15 – Credit Suisse AG, London Branch priced $4.05 million of contingent coupon callable yield notes due June 26, 2019 linked to the least performing of the S&P 500 index, the iShares MSCI Emerging Markets exchange-traded fund and the Euro Stoxx Banks index according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 12% if each underlying asset closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
Credit Suisse may call the notes in whole but not in part at par on any quarterly early redemption date.
The payout at maturity will be par unless any asset finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the least-performing asset.
J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying assets: | S&P 500 index, iShares MSCI Emerging Markets exchange-traded fund and Euro Stoxx Banks index
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| Amount: | $4.05 million
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| Maturity: | June 26, 2019
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| Coupon: | 12% per year, payable quarterly if each underlying asset 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 any asset finishes below its knock-in, in which case full exposure to any losses of the least-performing asset
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| Call option: | Callable at par on any quarterly early redemption date
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| Initial levels: | 2,779.03 for S&P, $46.33 for ETF, 111.82 for Stoxx Banks
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| Coupon barrier/knock-in levels: | 1,945.32 for S&P, $32.43 for ETF, 78.27 for Stoxx Banks; 70% of initial levels
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| Pricing date: | June 8
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| Settlement date: | June 13
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| Placement agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 22550WXK8
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