Published on 10/29/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $510,000 contingent coupon buffered autocalls on index, ETF
By Sarah Lizee
Olympia, Wash., Oct. 29 – Credit Suisse AG, London Branch priced $510,000 of contingent coupon buffered autocallable yield notes due April 30, 2026 linked to the least performing of the Euro Stoxx 50 index and the Health Care Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 6.75% if each asset closes at or above its 80% coupon barrier on the related monthly observation date.
The notes will be called at par if each asset closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par unless either asset falls by more than 20%, in which case investors will lose 1% for each 1% decline of the worse performing asset beyond the 20% buffer.
Incapital LLC is the placement agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon buffered autocallable yield notes
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Underlying assets: | Euro Stoxx 50 index, Health Care Select Sector SPDR fund
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Amount: | $510,000
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Maturity: | April 30, 2026
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Coupon: | 6.75% annualized, payable monthly if each asset closes at or above its coupon barrier on related monthly observation date
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Price: | Par
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Payout at maturity: | Par unless either asset falls by more than 20%, in which case 1% loss for each 1% decline of worse performing asset beyond 20%
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Call: | At par if each asset closes at or above initial level on any monthly call observation date after one year
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Initial levels: | 3,164.40 for index, $88.42 for fund
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Coupon barriers/buffer levels: | 2,531.52 for index, $70.736 for fund; 80% of initial levels
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Agent: | Incapital LLC
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Pricing date: | Oct. 25
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Settlement date: | Oct. 30
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Fees: | 4.75%
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Cusip: | 22551LFY1
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