Published on 4/1/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $5.88 million contingent coupon autocallables linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., April 1 – Credit Suisse AG, London Branch priced $5.88 million of contingent coupon autocallable yield notes due Sept. 29, 2020 linked to the lesser performing of 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 pay a contingent coupon at the rate of 6.5% per year if each index closes at or above its knock-in level, 70% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either index closes below its knock-in level during the life of the notes, in which case the payout will be par plus the return of the lesser-performing index, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $5,875,000
|
| Maturity: | Sept. 29, 2020
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 6.5% per year unless either index closes below knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index closes below knock-in level during life of notes, in which case par plus return of lesser-performing index, subject to maximum payout of par
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date
|
| Initial levels: | 2,818.46 for S&P 500 and 1,528.166 for Russell 2000
|
| Knock-in levels: | 1,972.922 for S&P 500 and 1,069.7162 for Russell 2000; 70% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.125%
|
| Cusip: | 22551LZ86
|
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