New Issue: Credit Suisse prices $1.34 million contingent income autocalls on three ETFs

By Wendy Van Sickle

Columbus, Ohio, Jan. 24 – Credit Suisse AG priced $1.34 million of autocallable contingent income securities due July 23, 2020 linked to the least performing of the SPDR S&P 500 ETF Trust, the iShares Russell 2000 ETF and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each ETF closes at or above its 80% coupon barrier every day that quarter.

The notes will be called at par of $10 plus the contingent coupon if each ETF closes at or above its initial share price on any observation date.

The payout at maturity will be par plus the contingent coupon unless any ETF finishes below its initial level and any ETF closes below its 70% downside threshold any day during the life of the notes, in which case investors will be fully exposed to any losses of the least performing ETF.

Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is handling distribution.

Issuer:	Credit Suisse AG
Issue:	Autocallable contingent income securities
Underlying ETFs:	SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF and SPDR S&P Regional Banking ETF
Amount:	$1,335,000
Maturity:	July 23, 2020
Coupon:	9.5% per year, payable quarterly if each ETF closes at or above coupon barrier on each day that quarter
Price:	Par
Payout at maturity:	If each ETF finishes at or above initial level or no ETF closes below downside threshold any day during life of notes, par; otherwise, full exposure to decline of least performing ETF
Call:	At par if each ETF closes at or above initial level on any determination date
Initial prices	$280.41 for S&P, $158.60 for Russell, $63.03 for Regional Banking
Coupon barriers:	$224.33 for S&P, $126.88 for Russell, $50.42 for Regional Banking, 80% of initial share price
Downside thresholds:	$196.29 for S&P, $111.02 for Russell, $44.12 for Regional Banking, 70% of initial share price
Pricing date:	Jan. 19
Settlement date:	Jan. 24
Agent:	Credit Suisse Securities (USA) LLC
Distribution:	Morgan Stanley Wealth Management
Fees:	2.5%
Cusip:	22550WA23

© 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.