Published on 2/19/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2 million contingent coupon autocallable yield notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, Feb. 19 – Credit Suisse AG, London Branch priced $5.8 million of contingent coupon autocallable yield notes due Aug. 20, 2020 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production ETF, the SPDR S&P Biotech ETF and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 10.8% if each asset closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month.
The notes will be automatically called at par if each asset closes at or above its initial level on any monthly trigger observation date after three months.
The payout at maturity will be par unless any asset finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least performing asset.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying funds: | SPDR S&P Oil & Gas Exploration & Production ETF, SPDR S&P Biotech ETF and Nasdaq-100 index
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| Amount: | $2 million
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| Maturity: | Aug. 20, 2020
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| Coupon: | 10.8% per year, payable monthly if each asset closes at or above its coupon barrier on the observation date
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below knock-in level, in which case full exposure to the losses of the least performing asset
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| Call: | Automatically at par if each fund closes at or above initial level on any monthly trigger observation date after three months
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| Initial prices: | $30.19 for Oil & Gas, $84.78 for Biotech, 7,022.419 for Nasdaq
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| Coupon barriers: | $18.114 for Oil & Gas, $50.868 for Biotech, 4,213.4514 for Nasdaq; 60% of initial levels
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| Knock-ins: | $18.114 for Oil & Gas, $50.868 for Biotech, 4,213.4514 for Nasdaq; 60% of initial levels
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.625%
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| Cusip: | 22551LXG0
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