Published on 4/2/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.58 million autocallable yield notes on Stoxx, utilities fund
By Wendy Van Sickle
Columbus, Ohio, April 2 – Credit Suisse AG, London Branch priced $1.58 million of 6.2% autocallable yield notes due Sept. 30, 2019 linked to the Euro Stoxx 50 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if each asset closes above its initial level on a quarterly call date after six months.
The payout at maturity will be par unless either finishes below its initial level and closes below its 60% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the lesser performing asset.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable yield notes
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Underlying assets: | Utilities Select Sector SPDR fund and Euro Stoxx 50 index
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Amount: | $1.58 million
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Maturity: | Sept. 30, 2019
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Coupon: | 6.2% per year, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless either asset finishes below its initial level and ever closes below its knock-in level during life of notes, in which case full exposure to any losses of laggard asset
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Call: | At par if ETF closes above initial level on a quarterly call date after six monts
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Initial levels: | $49.06 for ETF, 3,298.07 for Stoxx
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Barrier level/knock-in levels: | $29.436 for fund, 1,978.842 for Stoxx; 60% of initial levels
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Pricing date: | March 23
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Settlement date: | March 28
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.725%
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Cusip: | 22550WLP0
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