Published on 6/30/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.6 million trigger phoenix notes linked to indexes
By Angela McDaniels
Tacoma, Wash., June 30 – Credit Suisse AG, London Branch priced $3.6 million of trigger phoenix callable optimization securities due July 1, 2024 linked to the worst performing of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter. The contingent coupon rate is 7% per year in years one through four, 8.5% per year in years five through seven and 10.5% per year in years eight through 10.
If the notes are not called and each index finishes at or above its trigger level, 50% of its initial level, the payout at maturity will be par. Otherwise, investors will be exposed to the decline of the worst-performing index from its initial level.
Beginning June 29, 2015, the notes are callable at par on any quarterly observation date.
UBS Financial Services Inc. is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Trigger phoenix callable optimization securities
|
| Underlying indexes: | Euro Stoxx 50 and S&P 500
|
| Amount: | $3.6 million
|
| Maturity: | July 1, 2024
|
| Coupon: | Each quarter, notes pay contingent coupon if each index closes at or above coupon barrier on observation date for that quarter; contingent coupon rate is 7% per year in years one through four, 8.5% per year in years five through seven and 10.5% per year in years eight through 10
|
| Price: | Par of $10
|
| Payout at maturity: | If each index finishes at or above trigger level, par; otherwise, full exposure to decline of worst-performing index from initial level
|
| Call option: | At par on any quarterly observation date from June 29, 2015 onward
|
| Initial levels: | 3,227.85 for Euro Stoxx 50 and 1,960.96 for S&P 500
|
| Coupon barriers: | 2,259.50 for Euro Stoxx 50 and 1,372.67 for S&P 500; 70% of initial levels
|
| Trigger levels: | 1,613.93 for Euro Stoxx 50 and 980.48 for S&P 500; 50% of initial levels
|
| Pricing date: | June 27
|
| Settlement date: | July 1
|
| Underwriter: | UBS Financial Services Inc.
|
| Fees: | 3.5%
|
| Cusip: | 22547T159
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
