Published on 1/26/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $550,000 contingent coupon callables tied to funds
By Tali Rackner
Minneapolis, Jan. 26 – Credit Suisse AG, London Branch, priced $550,000 of contingent coupon callable yield notes due Jan. 24, 2020 linked to the least performing of the VanEck Vectors Gold Miners exchange-traded fund, the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the SPDR S&P Retail exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11% if each fund closes at or above its 60% coupon barrier on an observation date for that quarter.
The notes are callable at par on any contingent coupon payment date after six months.
The payout at maturity will be par unless any fund finishes below its 60% 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 Oil & Gas Exploration & Production ETF, SPDR S&P Retail ETF
|
| Amount: | $550,000
|
| Maturity: | Jan. 24, 2020
|
| Coupon: | 11% per year, payable quarterly if each fund closes at or above its coupon barrier level during that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any fund finishes below its 60% knock-in level, in which case full exposure to losses of the least-performing fund
|
| Call option: | After six months, callable at par on any quarterly contingent coupon payment date
|
| Initial levels: | $23.65 for VanEck, $38.72 for Oil & Gas and $48.30 for S&P Retail
|
| Coupon barrier/knock-in levels: | $14.19 for VanEck, $23.232 for Oil & Gas and $28.98 for S&P Retail, 60% of initial levels
|
| Pricing date: | Jan. 19
|
| Settlement date: | Jan. 24
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.45%
|
| Cusip: | 22550W6A0
|
|
|
|
|
© 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.
