Published on 8/21/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.88 million contingent coupon callable yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Aug. 21 – Credit Suisse AG, London Branch priced $1.88 million of contingent coupon callable yield notes due Aug. 18, 2021 linked to the lowest performing of the S&P 500 index, the Russell 2000 index and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 9.3% if each index closes at or above its coupon barrier level, 75% of its initial level, on any quarterly observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless any index closes below its 75% knock-in level, in which case investors will fully participate in the return of least-performing index.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and iShares MSCI EAFE ETF
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| Amount: | $1.88 million
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| Maturity: | Aug. 18, 2021
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| Coupon: | 9.3% per year, payable quarterly if each index closes at or above its coupon barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless any index closes below its 75% knock-in level, in which case investors will fully participate in the return of least-performing index
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| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date
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| Initial levels: | 2,888.68 for S&P, 1,493.640 for Russell and $62.25 for ETF
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| Coupon barrier levels: | 2,166.51 for S&P, 1,120.23 for Russell and $46.69 for ETF, 75% of initial levels
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| Knock-in levels: | 2,166.51 for S&P, 1,120.23 for Russell and $46.69 for ETF, 75% of initial levels
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| Pricing date: | Aug. 16
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| Settlement date: | Aug. 21
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| Placement agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 22552FTM4
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