Published on 6/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $993,000 contingent coupon callable yield notes on ETFs
By Sarah Lizee
Olympia, Wash., June 6 – Credit Suisse AG, London Branch priced $993,000 of contingent coupon callable yield notes due June 6, 2022 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production 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 11.25% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
Starting Dec. 5, Credit Suisse may redeem the notes at par on any 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying funds: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $993,000
|
| Maturity: | June 6, 2022
|
| Coupon: | 11.25% per year, payable quarterly if each fund closes at or above its coupon barrier on the related 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 Dec. 5, Credit Suisse may redeem the notes at par on any contingent coupon payment date
|
| Initial prices: | $21.59 for gold fund, $25.61 for oil fund
|
| Coupon barrier levels: | $12.954 for gold fund, $15.366 for oil fund; 60% of initial levels
|
| Knock-in levels: | $12.954 for gold fund, $15.366 for oil fund; 60% of initial levels
|
| Pricing date: | May 31
|
| Settlement date: | June 5
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 0.8%
|
| Cusip: | 22552FBZ4
|
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