Published on 6/13/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.71 million contingent coupon callable yield notes on indexes, ETF
By Tali Rackner
Minneapolis, June 13 – Credit Suisse AG, London Branch priced $1.71 million of contingent coupon callable yield notes due June 13, 2022 linked to the least performing of the Russell 2000 index, the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the Nasdaq 100 index according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 8.14% if each underlying asset closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
Credit Suisse may call the notes in whole but not in part at par on any quarterly early redemption date.
The payout at maturity will be par unless any asset finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing asset.
J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying assets: | Russell 2000 index, SPDR S&P Oil & Gas Exploration & Production ETF, Nasdaq 100 index
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| Amount: | $1,707,000
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| Maturity: | June 13, 2022
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| Coupon: | 8.14% per year, payable monthly if each underlying asset closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its knock-in, in which case full exposure to any losses of the least-performing asset
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| Call option: | Callable at par on any quarterly early redemption date
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| Initial levels: | 1,672.49 for Russell, $42.04 for ETF, 7,152.621 for Nasdaq
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| Coupon barrier/knock-in levels: | 1,003.494 for Russell, $25.224 for ETF, 4,291.5726 for Nasdaq; 60% of initial levels
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| Pricing date: | June 8
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| Settlement date: | June 13
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| Placement agent: | J.P. Morgan Securities LLC
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| Fees: | 3.7%
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| Cusip: | 22550WWQ6
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