Published on 7/3/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $6.98 million market-linked step-up notes on index basket
By Wendy Van Sickle
Columbus, Ohio, July 3 – Credit Suisse AG, London Branch priced $6.98 million of 0% market-linked step-up notes due June 24, 2021 linked to a basket of basketes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index and the Nikkei Stock Average index each with an initial weight of 20%, the Swiss Market index and the S&P/ASX 200 index each with an initial weight of 7.5% and the Hang Seng index with an initial weight of 5%.
If the basket finishes at or above the step-up level – 128.55% of the initial level – the payout at maturity will be par of $10 plus the gain.
If the basket gains by up to the step-up level, the payout will be par plus the step-up payment of 28.55%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Market-linked step-up notes
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Underlying indexes: | Euro Stoxx 50 (40% weight), FTSE 100 and Nikkei Stock (20% weight each), Swiss Market and S&P/ASX 200 (7.5% weight each) and Hang Seng (5% weight)
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Amount: | $6,977,390
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Maturity: | June 24, 2021
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the basket finishes at or above step-up level, par plus gain; if basket gains by up to step-up level, par plus 28.55%; otherwise, 1% loss per 1% decline
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Initial levels: | 3,442.38 for Stoxx, 7,402.33 for FTSE, 21,338.17 for Nikkei, 9,859.76 for Swiss, 6,666.313 for S&P/ASX, 28,621.42 for Hang Seng
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Step-up value: | 128.55% of initial value
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Pricing date: | June 27
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Settlement date: | July 5
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 22548Y140
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