Published on 10/7/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $733,000 contingent coupon notes linked to S&P, biotech ETF
By Angela McDaniels
Tacoma, Wash., Oct. 5 – Credit Suisse AG, London Branch priced $733,000 of contingent coupon callable yield notes due Sept. 30, 2019 linked to the lesser performing of 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 pay a contingent coupon at the rate of 10% per year unless either underlying component closes below its knock-in level, 60% of its initial level, on the observation date for that quarter.
Beginning March 30, 2017, the notes will be callable at par on any interest payment date.
The payout at maturity will be par unless either underlying component finishes below its knock-in level, in which case investors will be fully exposed to the decline of the lesser-performing underlying component.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying components: | S&P 500 index and SPDR S&P Biotech ETF
|
| Amount: | $733,000
|
| Maturity: | Sept. 30, 2019
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 10% per year unless either underlying component closes below knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either underlying component finishes below knock-in level, in which case full exposure to decline of lesser-performing underlying component
|
| Call option: | At par on any interest payment date from March 30, 2017 onward
|
| Initial levels: | 2,159.93 for index and $68.75 for ETF
|
| Knock-in levels: | 1,295.958 for index and $41.25 for ETF; 60% of initial levels
|
| Pricing date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 2.5%
|
| Cusip: | 22548QG33
|
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