Published on 4/2/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $300,000 contingent coupon callable yield notes on three ETFs
By Sarah Lizee
Olympia, Wash., April 2 – Credit Suisse AG, London Branch priced $300,000 of contingent coupon callable yield notes due April 1, 2021 linked to the lesser performing of the VanEck Vectors Gold Miners ETF, the SPDR S&P Regional Banking ETF and the Energy Select Sector SPDR 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 10% if each fund closes at or above its coupon barrier, 65% of its initial level, on the observation date for that quarter.
Credit Suisse may redeem the notes at par on any quarterly contingent coupon payment date.
The payout at maturity will be par unless either fund finishes below its 65% 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 callable yield notes
|
| Underlying funds: | VanEck Vectors Gold Miners ETF, SPDR S&P Regional Banking ETF and Energy Select Sector SPDR fund
|
| Amount: | $300,000
|
| Maturity: | April 1, 2021
|
| Coupon: | 10% per year, payable quarterly if each fund closes at or above its coupon barrier on the quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
|
| Call: | On any contingent coupon payment date at par
|
| Initial prices: | $22.41 for gold ETF, $51.46 for banking ETF, $66.22 for energy ETF
|
| Coupon barrier levels: | $14.5665 for gold ETF, $33.449 for banking ETF, $43.043 for energy ETF; 65% of initial levels
|
| Knock-in levels: | $14.5665 for gold ETF, $33.449 for banking ETF, $43.043 for energy ETF; 65% of initial levels
|
| Pricing date: | March 28
|
| Settlement date: | April 2
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.2%
|
| Cusip: | 22552F7B2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
