Published on 4/5/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $326,000 9% contingent coupon callables tied to index, fund
By Susanna Moon
Chicago, April 5 – Credit Suisse AG, London Branch priced $326,000 of contingent coupon callable yield notes due April 5, 2021 linked to the lesser performing of the SPDR S&P Biotech ETF and the S&P 500 index, 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% if each asset closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes are callable at par on any interest payment date beginning Oct. 3, 2018.
The payout at maturity will be par unless either asset finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the worse performing index or fund.
Credit Suisse Securities (USA) LLC is the underwriter.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying assets: | S&P 500 index and SPDR S&P Biotech ETF
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Amount: | $326,000
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Maturity: | April 5, 2021
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Coupon: | 9% annualized, payable quarterly if each asset closes at or above 60% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either asset closes below 60% knock-in level, in which case 1% loss per 1% decline of worse performing index or fund
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Call option: | At par on any interest payment date beginning Oct. 3, 2018
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Initial levels: | 2,605 for S&P, $87.01 for fund
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Trigger levels: | 1,563 for S&P, $52.206 for fund; 60% of initial levels
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Pricing date: | March 28
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Settlement date: | April 3
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.8%
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Cusip: | 22550WGJ0
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