Published on 9/28/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.81 million contingent coupon callable yield notes on technology, biotech ETFs
By Wendy Van Sickle
Columbus, Ohio, Sept. 28 – Credit Suisse AG, London Branch priced $3.81 million of contingent coupon callable yield notes due Sept. 29, 2020 linked to the lowest performing of the Technology Select Sector SPDR fund and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 12% if each ETF closes at or above its barrier level, 70% of its initial level, on a quarterly observation date.
The notes are callable at par on any coupon payment date.
The payout at maturity will be par unless either ETF finishes below its 70% knock-in level, in which case investors will be exposed to any losses of the lesser-performing ETF.
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 ETFs: | Technology Select Sector SPDR fund and SPDR S&P Biotech exchange-traded fund
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| Amount: | $3,812,000
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| Maturity: | Sept. 29, 2020
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| Coupon: | 12% per year, payable quarterly if each ETF closes at or above its barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless either ETF finishes below its knock-in level, in which case investors will be exposed to any losses of lesser-performing ETF
|
| Call option: | At par on any coupon payment date
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| Initial levels: | $58.52 for Technology fund, $83.91 for Biotech ETF
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| Barrier/knock-in levels: | $40.964 for Technology fund, $58.737 for Biotech ETF; 70% of initial levels
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.25%
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| Cusip: | 22550BFY4
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