Published on 1/26/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $735,000 contingent coupon callable yield notes on metals, gold ETFs
By Wendy Van Sickle
Columbus, Ohio, Jan. 26 – Credit Suisse AG, London Branch priced $735,000 of contingent coupon callable yield notes due Jan. 26, 2021 linked to the lowest performing of the SPDR S&P Metals and Mining exchange-traded fund and the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannually coupon at an annualized rate of 8.9% if each ETF closes at or above its barrier level, 70% of its initial level, on a semiannually observation date.
The notes are callable at par on any observation 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: | SPDR S&P Metal and Mining exchange-traded fund and VanEck Vectors Gold Miners ETF
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Amount: | $735,000
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Maturity: | Jan. 26, 2021
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Coupon: | 8.9% per year, payable semiannually if each ETF closes at or above its barrier level on 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
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Call option: | At par on any observation date
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Initial levels: | $23.65 for metals and mining ETF, $38.62 for gold ETF
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Barrier levels: | $16.555 for gold ETF, $27.034 for metals and mining ETF; 70% of initial levels
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Knock-in levels: | $16.555 for gold ETF, $27.034 for metals and mining ETF; 70% of initial levels
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Pricing date: | Jan. 19
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Settlement date: | Jan. 26
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3%
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Cusip: | 22550W6K8
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