Published on 7/4/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocalls on Stoxx Banks, Russell
By Kiku Steinfeld
Chicago, July 5 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due May 31, 2024 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annualized rate of 10% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes will be automatically called if both indexes finish above their initial levels on a quarterly trigger observation date starting May 26, 2020.
The payout at maturity will be par unless either index finishes below its 70% knock-in level, in which case investors will be fully exposed to the decline of the lesser-performing index.
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 indexes: | Russell 2000 and Euro Stoxx Banks
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| Amount: | $1,000,000
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| Maturity: | May 31, 2024
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| Coupon: | Each quarter, notes pay contingent coupon at an annualized rate of 10% if each index closes at or above coupon barrier level on the observation date for that period starting May 26, 2020
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its knock-in level; in which case full exposure to decline of lesser-performing index
|
| Call: | At par if both indexes finish above initial levels starting May 26, 2020 on quarterly trigger observation date
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| Initial levels: | 88.64 for Stoxx Banks and 1,504.019 for Russell 2000
|
| Coupon barriers/knock-in levels: | 62.048 for Stoxx Banks and 1,052.8133 for Russell 2000, or 70% of initial levels
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| Pricing date: | May 28
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| Settlement date: | May 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.85%
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| Cusip: | 22552FCV2
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