Published on 4/11/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $9.33 million contingent coupon autocallable yield notes on three ETFs
By Sarah Lizee
Olympia, Wash., April 11 – Credit Suisse AG, London Branch priced $9.33 million of contingent coupon autocallable yield notes due April 14, 2021 linked to the least performing of the Health Care Select Sector SPDR fund, the VanEck Vectors Semiconductor ETF and the SPDR S&P Retail 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 13.25% if each fund closes at or above its coupon barrier, 75% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any fund finishes below its 75% knock-in level, in which case investors will be fully exposed to any losses of the least performing fund.
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 funds: | Health Care Select Sector SPDR fund, VanEck Vectors Semiconductor ETF, SPDR S&P Retail ETF
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Amount: | $9,334,000
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Maturity: | April 14, 2021
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Coupon: | 13.25% per year, payable quarterly if each fund 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 any fund finishes below knock-in level, in which case full exposure to the losses of the least performing fund
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Call: | Automatically at par if each fund closes at or above its initial level on any quarterly trigger observation date
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Initial prices: | $91.74 for Health Care, $111.54 for Semiconductor, $44.95 for Retail
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Coupon barriers: | $68.805 for Health Care, $83.655 for Semiconductor, $33.7125 for Retail; 75% of initial levels
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Knock-ins: | $68.805 for Health Care, $83.655 for Semiconductor, $33.7125 for Retail; 75% of initial levels
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Pricing date: | April 9
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Settlement date: | April 16
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.75%
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Cusip: | 22552FAF9
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