Published on 11/3/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $771,000 contingent coupon callable yield notes on indexes
By Devika Patel
Knoxville, Tenn., Nov. 3 – Credit Suisse AG, London Branch, priced $771,000 of contingent coupon callable yield notes due Nov. 1, 2019 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9% per year unless either index closes below its barrier level, 70% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either index finishes below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index.
The notes are callable in whole but not in part at par on any interest payment date on or after May 4, 2017.
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 indexes: | S&P 500 index and the Russell 2000 index
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| Amount: | $771,000
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| Maturity: | Nov. 1, 2019
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 9% per year unless either index closes below barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index
|
| Call option: | In whole, at par on any interest payment date on or after May 4, 2017
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| Initial index levels: | 2,126.15 for S&P 500, 1,191.388 for Russell 2000
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| Barrier levels: | 1,488.305 for S&P 500, 833.9716 for Russell 2000, 70% of initial levels
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| Pricing date: | Oct. 31
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| Settlement date: | Nov. 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 22548QK38
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