Published on 4/10/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $618,000 7% contingent coupon autocalls on ETFs, portfolio
By Tali Rackner
Minneapolis, April 10 – Credit Suisse AG, London Branch priced $618,000 of contingent coupon autocallable yield notes due April 9, 2021 linked to the least performing of the SPDR S&P Regional Banking exchange-traded fund, the VanEck Vectors Oil Services exchange-traded fund and the PowerShares Water Resource Portfolio, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each asset closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either asset closes below its 60% knock-in level, in which case investors will lose 1% for each 1% that the least-performing asset declines.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying assets: | SPDR S&P Regional Banking ETF, VanEck Vectors Oil Services ETF and PowerShares Water Resource Portfolio
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| Amount: | $618,000
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| Maturity: | April 9, 2021
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| Coupon: | 7% annualized, payable quarterly if each asset closes at or above 60% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either asset closes below 60% knock-in level, in which case 1% loss per 1% decline of least-performing asset
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| Call: | At par if each asset closes at or above its initial level on any quarterly trigger observation date
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| Initial prices: | $60.73 for Regional Banking, $23.82 for VanEck Vectors Oil and $30.37 for PowerShares Water
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| Knock-in/barrier levels: | $36.438 for Regional Banking, $14.292 for VanEck Vectors Oil and $23.82 for PowerShares Water; 60% of initial prices
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| Pricing date: | April 4
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| Settlement date: | April 9
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 22550WNY9
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