Published on 2/8/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.2 million contingent coupon callable yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Credit Suisse AG, London Branch priced $1.2 million of contingent coupon callable yield notes due Feb. 7, 2023 linked to the least performing of the S&P 500 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 8.15% 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 observation date after one year.
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.
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 assets: | SPDR S&P Oil & Gas Exploration & Production ETF, Nasdaq-100 index, S&P 500 index
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Amount: | $1,204,000
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Maturity: | Feb. 7, 2023
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Coupon: | 8.15% 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 observation date after one year
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Initial levels: | 6,959.957 for Nasdaq, $30.88 for ETF, 2,724.87 for S&P
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Coupon barrier: | 4,175.9742 for Nasdaq, $18.528 for ETF, 1,634.922 for S&P; 60% of initial levels
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Knock-in levels: | 4,175.9742 for Nasdaq, $18.528 for ETF, 1,634.922 for S&P; 60% of initial levels
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Pricing date: | Feb. 4
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Settlement date: | Feb. 7
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.7%
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Cusip: | 22551LUQ1
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