Published on 11/28/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.72 million contingent coupon callable yield notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Nov. 28 – Credit Suisse AG, London Branch priced $3.72 million of contingent coupon callable yield notes due Nov. 10, 2021 linked to the lesser performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 12% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
Starting on May 15, 2019, Credit Suisse may redeem the notes at par on any quarterly contingent coupon payment date.
The payout at maturity will be par unless either fund finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying funds: | SPDR S&P Oil & Gas Exploration & Production ETF and SPDR S&P Biotech ETF
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| Amount: | $3,717,000
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| Maturity: | Nov. 10, 2021
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| Coupon: | 12% per year, payable quarterly if each fund closes at or above its coupon barrier on the quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
|
| Call: | Starting May 15, 2019, on any contingent coupon payment date at par
|
| Initial prices: | $77.87 for biotech ETF, $33.70 for oil & gas ETF
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| Coupon barrier levels: | $46.722 for biotech ETF, $20.22 for oil & gas ETF; 60% of initial levels
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| Knock-in levels: | $46.722 for biotech ETF, $20.22 for oil & gas ETF; 60% of initial levels
|
| Pricing date: | Nov. 21
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| Settlement date: | Nov. 29
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.4%
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| Cusip: | 22551LHQ6
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