Published on 12/4/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $490,000 contingent coupon autocallables linked to biotech ETF
By Angela McDaniels
Tacoma, Wash., Dec. 4 – Credit Suisse AG, London Branch priced $490,000 of contingent coupon autocallable yield notes due Dec. 3, 2018 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 10% per year unless the ETF closes below its knock-in level, 70% of the initial share price, on the observation date for that month.
The notes will be automatically called at par if the ETF closes at or above the initial share price on May 31, 2018 or Aug. 31, 2018.
The payout at maturity will be par unless the ETF closes below the knock-in level during the life of the notes, in which case investors receive par plus the ETF return, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying ETF: | SPDR S&P Biotech ETF
|
| Amount: | $490,000
|
| Maturity: | Dec. 3, 2018
|
| Coupon: | 10% per year, payable monthly if ETF closes at or above knock-in level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF closes below knock-in level during life of notes, in which case par plus ETF return, subject to maximum payout of par
|
| Call: | Automatically at par if ETF closes at or above initial share price on May 31, 2018 or Aug. 31, 2018
|
| Initial share price: | $83.19
|
| Knock-in level: | $58.233, 70% of initial share price
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 5
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.85%
|
| Cusip: | 22550BMR1
|
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