Published on 4/13/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $100,000 autocallable securities on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, April 13 – Credit Suisse AG, London Branch priced $100,000 of 0% autocallable securities due April 3, 2025 linked to the VanEck Vectors Gold Miners ETF, the S&P 500 index and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Credit Suisse will call the notes at par plus a call premium of 20.25% per year if the closing level of each asset is greater than or equal to its trigger level on any quarterly call date after one year. The trigger level will be equal to the initial level.
Investors will receive par plus 101.25% if each asset finishes at or above the knock-in level, 60% of its initial level.
Otherwise, investors will lose 1% for each 1% decline of the worst performing asset from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
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| Underlying assets: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production ETF, VanEck Vectors Gold Miners ETF
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| Amount: | $100,000
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| Maturity: | April 3, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 101.25% if each asset finishes at or above the knock-in level; otherwise, 1% loss for each 1% decline of the worst performing asset from its initial level
|
| Call: | Automatically at par plus annualized premium of 20.25% if each asset closes at or above trigger level on any quarterly call date after one year; trigger level will be equal to 100% of initial level
|
| Initial levels: | 2,584.59 for S&P, $23.04 for gold ETF and $32.90 for oil ETF
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| Knock-in levels: | 1,550.754 for S&P, $13.824 for gold ETF and $19.74 for oil ETF; 60% of initial levels
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| Pricing date: | March 31
|
| Settlement date: | April 3
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.5%
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| Cusip: | 22551NUE4
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