Published on 2/8/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.83 million contingent coupon callable notes tied to index, fund
By Susanna Moon
Chicago, Feb. 8 – Credit Suisse AG, London Branch priced $1.83 million of contingent coupon callable yield notes due Feb. 3, 2020 linked to the SPDR S&P Biotech exchange-traded fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11% if each underlying component closes at or above its coupon barrier, 60% of its initial level, on an observation date for that quarter.
The notes are callable at par on any review date after six months.
The payout at maturity will be par unless either underlying asset finishes below its 60% knock-in level, in which case investors will be exposed to any losses of the worse performing component.
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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| Underlying assets: | S&P 500, SPDR S&P Biotech ETF
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| Amount: | $1,827,000
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| Maturity: | Feb. 3, 2020
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| Coupon: | 11% per year, payable quarterly if each index closes at or above its 60% coupon barrier on review date beginning July 31, 2017
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| Price: | Par
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| Payout at maturity: | Par unless either asset ends below its 60% knock-in level, in which case investors will be exposed to any losses of worse performing component
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| Call option: | At par on any contingent coupon payment date on any call date beginning Aug. 3, 2017
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| Initial levels: | $64.90 for fund, 2,278.87 for S&P
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| Barrier levels: | $38.94 for fund, 1,367.322 for S&P; 60% of initial levels
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 3
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 22548QRG2
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