Published on 7/16/2014 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $405,000 7.15% contingent coupon callable notes on indexes
By Jennifer Chiou
New York, July 16 – Credit Suisse AG, London Branch priced $405,000 of contingent coupon callable yield notes due July 16, 2019 linked to the performance of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon of 7.15% per year if each index closes at or above its barrier level, 60% of the initial level, on the observation date for that quarter. Otherwise, no coupon will be paid that quarter.
A knock-in event occurs if the final level of any index is less than its barrier level.
If a knock-in event does not occur, the payout at maturity will be par. Otherwise, the payout will be par plus the return of the lowest-performing index, with full exposure to losses.
The notes are callable at par on any contingent coupon payment date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
|
| Amount: | $405,000
|
| Maturity: | July 16, 2019
|
| Coupon: | 7.15% per year, payable quarterly if each index closes at or above its coupon barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | If final level of any index is less than its barrier level, par plus return of lowest-performing index, with full exposure to losses; otherwise, par
|
| Call option: | At par on any contingent coupon payment date
|
| Initial levels: | 1,967.57 for S&P, 1,159.93 for Russell, 3,157.05 for Euro Stoxx
|
| Barrier levels: | 1,180.54 for S&P, 695.96 for Russell, 1,894.23 for Euro Stoxx; 60% of initial levels
|
| Pricing date: | July 11
|
| Settlement date: | July 16
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22547QQ82
|
© 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.
