Published on 6/22/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.99 million contingent coupon notes on S&P 500, biotech ETF
By Marisa Wong
Morgantown, W.Va., June 22 – Credit Suisse AG, London Branch priced $2.99 million of contingent coupon callable yield notes due June 24, 2019 linked to the S&P 500 index and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Every six months, the notes will pay a contingent coupon at an annualized rate of 12.75% if each underlying closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that semiannual period.
The notes are callable in whole at par on any contingent coupon payment date.
The payout at maturity will be par unless either underlying finishes below its knock-in level, 60% of its initial level, in which case investors will be fully exposed to the decline in the lesser-performing underlying.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlyings: | S&P 500 index, SPDR S&P Biotech ETF
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| Amount: | $2,986,000
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| Maturity: | June 24, 2019
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| Coupon: | 12.75%, payable semiannually if each underlying closes at or above barrier level on observation date for that semiannual period
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlying finishes below knock-in level, in which case full exposure to decline in lesser-performing underlying
|
| Call option: | In whole at par on any contingent coupon payment date
|
| Initial levels: | 2,071.22 for index, $53.33 for ETF
|
| Barrier/knock-in levels: | 1,242.732 for index, $31.998 for ETF; 60% of initial levels
|
| Pricing date: | June 17
|
| Settlement date: | June 24
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.3%
|
| Cusip: | 22548QAW5
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