Published on 5/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $121,000 contingent coupon autocallable yield notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, May 6 – Credit Suisse AG, London Branch priced $121,000 of contingent coupon autocallable yield notes due Oct. 30, 2020linked to the least performing of the Hang Seng China Enterprises index and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8.5% if each asset closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each asset closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either asset finishes below its initial level and either asset ever closes below its 70% 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
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying assets: | Hang Seng China Enterprises index, iShares MSCI Emerging Markets ETF
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| Amount: | $121,000
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| Maturity: | Oct. 30, 2020
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| Coupon: | 8.5% per year, payable quarterly if each asset closes at or above its coupon barrier on the quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless either asset finishes below initial level and either asset closes below knock-in level any day during life of notes, 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
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| Initial prices: | 11,502.04 for index, $43.71 for ETF
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| Coupon barriers: | 8,051.428 for index, $30.597 for ETF; 70% of initial levels
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| Knock-ins: | 8,051.428 for index, $30.597 for ETF; 70% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.125%
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| Cusip: | 22552F6Q0
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