Published on 12/27/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $919,000 contingent coupon callable yield notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, Dec. 27 – Credit Suisse AG, London Branch priced $919,000 of contingent coupon callable yield notes due Dec. 27, 2022 linked to the least performing of the Russell 2000 index, the iShares MSCI EAFE exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded 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 8.5% if each underlying asset closes at or above its coupon barrier level, 60% 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 after one year.
The payout at maturity will be par unless any asset finishes below its 60% 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 callable yield notes
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Underlying assets: | iShares MSCI EAFE ETF, Russell 2000 index, SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $919,000
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Maturity: | Dec. 27, 2022
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Coupon: | 8.5% per year, payable monthly 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 any asset finishes below its knock-in, in which case full exposure to any losses of the least-performing asset
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Call option: | Callable at par on any quarterly call observation date after one year
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Initial levels: | 1,349.229 for Russell, $58.82 for EAFE, $27.04 for Oil & Gas
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Coupon barrier: | 809.5374 for Russell, $35.292 for EAFE, $16.224 for Oil & Gas; 60% of initial levels
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Knock-in levels: | 809.5374 for Russell, $35.292 for EAFE, $16.224 for Oil & Gas; 60% of initial levels
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Pricing date: | Dec. 19
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Settlement date: | Dec. 24
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.7%
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Cusip: | 22551LQC7
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