Published on 9/18/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.07 million contingent coupon autocallable yield notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, Sept. 18 – Credit Suisse AG, London Branch priced $1.07 million of contingent coupon autocallable yield notes due June 11, 2020 linked to the least performing of the Russell 2000 index, the SPDR S&P Biotech ETF and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 9% if each asset closes at or above its coupon barrier, 70% of its initial level, on the observation date.
The notes will be called at par if each asset closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any asset finishes below its 65% knock-in level, in which case investors will be fully exposed to any losses of the least-performing asset.
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 assets: | Russell 2000 index, SPDR S&P Biotech ETF and iShares MSCI Emerging Markets ETF
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| Amount: | $1,066,000
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| Maturity: | June 11, 2020
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| Coupon: | 9% per year, payable quarterly if each asset closes at or above its barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below knock-in level, in which case full exposure to any losses of the least-performing asset
|
| Call: | Automatically at par if each asset closes at or above its initial level on any quarterly observation date
|
| Initial levels: | 1,714.468 for Russell, $41.76 for Emerging Markets ETF, $96.69 for biotech ETF
|
| Barrier levels: | 1,200.1276 for Russell, $29.232 for Emerging Markets ETF, $67.683 for biotech ETF; 70% of initial levels
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| Knock-in levels: | 1,114.4042 for Russell, $27.144 for Emerging Markets ETF, $62.8485 for biotech ETF; 65% of initial levels
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| Pricing date: | Sept. 6
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| Settlement date: | Sept. 11
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.725%
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| Cusip: | 22551LAQ3
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