Published on 3/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $336,000 contingent coupon autocallable yield notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, March 6 – Credit Suisse AG, London Branch priced $336,000 of contingent coupon autocallable yield notes due March 5, 2021 linked to the least 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.
The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any 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 autocallable yield notes
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| Underlying funds: | SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Biotech ETF
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| Amount: | $336,000
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| Maturity: | March 5, 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
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| Payout at maturity: | Par unless any fund finishes below knock-in level, in which case full exposure to the losses of the least performing fund
|
| Call: | Automatically at par if each fund closes at or above its initial level on any quarterly trigger observation date after six months
|
| Initial prices: | $29.78 for Oil & Gas, $89.14 for Biotech
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| Coupon barriers: | $17.868 for Oil & Gas, $53.484 for Biotech; 60% of initial levels
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| Knock-ins: | $17.868 for Oil & Gas, $53.484 for Biotech; 60% of initial levels
|
| Pricing date: | Feb. 28
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| Settlement date: | March 5
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 22551LUX6
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