Published on 5/10/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.01 million step-up contingent coupon notes on three indexes
By Marisa Wong
Morgantown, W.Va., May 10 – Credit Suisse AG, London Branch priced $2.01 million of step-up contingent coupon callable yield notes due April 28, 2022 linked to 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 unless any index closes below its barrier level, 70% of its initial level, on the observation date for that quarter. The contingent coupon rate is 8% per year initially, stepping up to 9% per year on July 29, 2020.
The payout at maturity will be par plus the final coupon unless any index finishes below its 70% knock-in level, in which case investors will lose 1% for each 1% decline of the least performing index.
The notes are callable in whole but not in part at par on any quarterly early redemption date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Step-up contingent coupon callable yield notes
|
| Underlying index: | S&P 500, Russell 2000 and Euro Stoxx 50
|
| Amount: | $2.01 million
|
| Maturity: | April 28, 2022
|
| Coupon: | Each quarter, notes pay contingent coupon unless any index closes below barrier level on observation date for that quarter; coupon is 8% per year initially, stepping up to 9% on July 29, 2020
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below knock-in level, in which case 1% loss for each 1% decline of least-performing index
|
| Call option: | In whole at par on any quarterly early redemption date
|
| Initial levels: | 2,927.25 for S&P, 1,588.132 for Russell, 3,502.63 for Stoxx
|
| Barrier levels: | 2,049.075 for S&P, 1,111.6924 for Russell, 2,451.841 for Stoxx; 70% of initial level
|
| Knock-in levels: | 2,049.075 for S&P, 1,111.6924 for Russell, 2,451.841 for Stoxx; 70% of initial level
|
| Pricing date: | April 24
|
| Settlement date: | April 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.75%
|
| Cusip: | 22552FAZ5
|
|
|
© 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.
