Published on 1/9/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.12 million contingent income autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – Credit Suisse AG, London Branch priced $2.12 million of contingent income autocallable securities due Dec. 31, 2020 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx Banks index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.5% if each index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date beginning Dec. 30, 2019.
The payout at maturity will be par unless any underlying index finishes below its 75% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable contingent income securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx Banks index
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| Amount: | $2,115,000
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| Maturity: | Dec. 31, 2020
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| Coupon: | 14.5% annualized, payable quarterly if each index closes at or above 75% coupon barrier on review date for that quarter
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above 75% knock-in, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call: | At par if each index closes at or above its initial level on any quarterly call date beginning Dec. 30, 2019
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| Initial levels: | 2,485.74 for S&P, 1,337.923 for Russell and 86.76 for Stoxx Banks
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| Coupon barriers: | 1,864.31 for S&P, 1,003.442 for Russell and 65.07 for Stoxx Banks, 75% of initial levels
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| Knock-in levels: | 1,864.31 for S&P, 1,003.442 for Russell and 65.07 for Stoxx Banks, 75% of initial levels
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| Pricing date: | Dec. 28
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| Settlement date: | Jan. 3
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| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC handling distribution
|
| Fees: | 2%
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| Cusip: | 22551LQN3
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