Published on 12/29/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $9.95 million contingent coupon autocallable yield notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Dec. 29 – Credit Suisse AG, London Branch priced $9.95 million of contingent coupon autocallable yield notes due Dec. 27, 2019 linked to the lesser performing of the SPDR S&P Retail exchange-traded fund, the Technology Select Sector SPDR fund and the SPDR S&P Bank exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 13.25% if each fund closes at or above its coupon barrier, 75% of its initial level, on the observation date for that quarter.
The notes will be called at par if each fund closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any fund finishes below its 75% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
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 funds: | SPDR S&P Retail exchange-traded fund, Technology Select Sector SPDR fund and SPDR S&P Bank exchange-traded fund
|
| Amount: | $9,953,000
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| Maturity: | Dec. 27, 2019
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| Coupon: | 13.25% per year, payable quarterly if each fund closes at or above its barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund finishes below knock-in level, in which full exposure to the losses of the least-performing fund
|
| Call: | Automatically if each fund closes at or above its initial level on any quarterly trigger observation date
|
| Initial prices: | $45.51 for Retail, $64.54 for Technology, $48.18 for Bank
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| Barrier/knock-in prices: | $45.51 for Retail, $64.54 for Technology, $48.18 for Bank; 75% of initial levels
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| Pricing date: | Dec. 22
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| Settlement date: | Dec. 28
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.75%
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| Cusip: | 22550W2K2
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