Published on 4/3/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $88,000 contingent coupon callable yield notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, April 3 – Credit Suisse AG, London Branch priced $88,000 of contingent coupon callable yield notes due March 29, 2021 linked to the least performing of the Euro Stoxx Banks index and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11.1% if each underlying asset closes at or above its coupon barrier level, 75% 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 call observation date.
The payout at maturity will be par unless either asset finishes below its 65% 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 callable yield notes
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| Underlying assets: | Financial Select Sector SPDR fund, Euro Stoxx Banks index
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| Amount: | $88,000
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| Maturity: | March 29, 2021
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| Coupon: | 11.1% 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 either asset finishes below its knock-in, in which case full exposure to any losses of the least-performing asset
|
| Call option: | Callable at par on any quarterly call observation date
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| Initial levels: | $25.53 for ETF, 91.75 for index
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| Coupon barrier: | $19.1475 for ETF, 68.8125 for index; 75% of initial levels
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| Knock-in levels: | $16.5945 for ETF, 59.6375 for index; 65% of initial levels
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| Pricing date: | March 26
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| Settlement date: | March 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 22552F2T8
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