Published on 2/27/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.24 million contingent coupon autocallables on biotech ETF
By Devika Patel
Knoxville, Tenn., Feb. 27 – Credit Suisse AG, London Branch priced $1,243,000 of contingent coupon autocallable yield notes due May 28, 2019 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 will pay a contingent coupon at an annual rate of 9% if the fund closes at or above the coupon barrier, 70% of the initial level, for that month.
The notes will be called at par plus the contingent coupon if the fund closes at or above the initial level on Aug. 23, 2018, Nov. 23, 2018 or Feb. 25, 2019.
The payout at maturity will be par unless the fund finishes below its initial level and ever closes below the knock-in level, 70% of the initial share price, in which case investors will lose 1% for each 1% decline in the fund from its initial level or receive a maximum payout of par if the fund finishes at or above its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying fund: | SPDR S&P Biotech ETF
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| Amount: | $1,243,000
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| Maturity: | May 28, 2019
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| Contingent payment: | 9% per year, payable monthly if fund closes at or above coupon barrier level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par, unless share fund finishes below initial level and ever closes below knock-in level, in which case 1% loss for each 1% decline or par if fund finishes flat or above initial level
|
| Call: | Automatically at par plus contingent payment if closing level is greater than or equal to initial level on any quarterly trigger observation date on Aug. 23, 2018, Nov. 23, 2018 or Feb. 25, 2019
|
| Initial share level: | $92.54
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| Coupon barrier/knock-in level: | $64.778, 70% of initial level
|
| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22550WB97
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