Published on 7/26/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $4.07 million contingent coupon notes linked to biotech ETF, S&P
By Wendy Van Sickle
Columbus, Ohio, July 26 – Credit Suisse AG, London Branch priced $4.07 million of contingent coupon callable yield notes due July 29, 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.
Each quarter, the notes will pay a contingent coupon at a rate of 11.75% a year unless either underlying component closes below its barrier level, 60% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless either underlying component finishes below its barrier level, in which case investors will be fully exposed to the decline of the lesser-performing underlying component.
Beginning Jan. 30, 2017, the notes will be callable at par on any interest payment date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| 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: | $4,072,000
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| Maturity: | July 29, 2019
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| Coupon: | 11.75%, payable quarterly if each underlying closes at or above barrier level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless either underlying finishes below barrier, in which case full exposure to decline in lesser-performing underlying
|
| Call option: | In whole at par on any contingent coupon payment date, beginning Jan. 30, 2017
|
| Initial levels: | 2,175.03 for index, $59.31 for ETF
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| Barrier/knock-in levels: | 1,305.018 for index, $35.586 for ETF; 60% of initial levels
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| Pricing date: | July 22
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| Settlement date: | July 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.3%
|
| Cusip: | 22548QC52
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