Published on 3/13/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $561,000 contingent coupon callable yield notes on ETFs
New York, March 13 – Credit Suisse AG, London Branch priced $561,000 of contingent coupon callable yield notes due Sept. 13, 2019 linked to the lesser performing of the SPDR Gold Trust exchange-traded fund and the iShares Silver Trust exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 6.75% if each fund closes at or above its coupon barrier, 80% of its initial level, on the observation date for that quarter.
Starting on Sept. 13, 2018, Credit Suisse may redeem the notes at par on any quarterly contingent coupon payment date.
The payout at maturity will be par unless either fund closes below its 80% knock-in level on any day during the life of the notes, in which case investors will be fully exposed to any losses of the least-performing fund.
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 funds: | SPDR Gold Trust exchange-traded fund and iShares Silver Trust exchange-traded fund
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| Amount: | $561,000
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| Maturity: | Sept. 13, 2019
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| Coupon: | 6.75% per year, payable quarterly if each fund closes at or above its coupon barrier on the quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless either fund finishes below its 80% knock-in level on any day during the life of the notes, in which case full exposure to the losses of the least-performing fund
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| Call: | Starting Sept. 17, 2018, on any contingent coupon payment date at par
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| Initial prices: | $125.42 for SPDR Gold Trust, $15.55 for iShares Silver Trust
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| Coupon barrier levels: | $100.336 for SPDR Gold Trust, $12.44 for iShares Silver Trust; 80% of initial levels
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| Knock-in levels: | $100.336 for SPDR Gold Trust, $12.44 for iShares Silver Trust; 80% of initial levels
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| Pricing date: | March 8
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| Settlement date: | March 13
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
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| Cusip: | 22550WFL6
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