Published on 3/6/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $750,000 10.1% contingent coupon autocallables tied to indexes
By Susanna Moon
Chicago, March 6 – Credit Suisse AG, London Branch priced $750,000 of contingent coupon autocallable yield notes due Feb. 20, 2020 linked to the least performing of the S&P 500 index, the Tokyo Stock Price index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.1% if each index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any interest payment date.
The payout at maturity will be par unless any index finishes below its 75% knock-in level, in which case investors will be fully exposed to any losses of the worst performing index.
Credit Suisse Securities (USA) LLC is the underwriter with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | S&P 500, Tokyo Stock Price index and Euro Stoxx 50 index
|
| Amount: | $750,000
|
| Maturity: | Feb. 20, 2020
|
| Coupon: | 10.1% annualized, payable quarterly if each index closes at or above its 75% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index ends below 75% knock-in level, in which full exposure to the losses of the worst performing index
|
| Call: | At par if each index closes at or above its initial level on any interest payment date beginning May 16, 2018
|
| Initial levels: | 2,731.20 for S&P, 1,719.27 for Topix and 3,389.63 for Stoxx
|
| Barrier levels: | 2,048.40 for S&P, 1,289.45 for Topix and 1,719.27 for Stoxx; 75% of initial levels
|
| Pricing date: | Feb. 15
|
| Settlement date: | Feb. 21
|
| Agent: | Credit Suisse Securities (USA) LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
|
| Fees: | 1.5%
|
| Cusip: | 22550WEV5
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
