Published on 6/11/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.13 million contingent coupon autocallables linked to stocks
By Toni Weeks
San Luis Obispo, Calif., June 11 – Credit Suisse AG, London Branch priced $1.13 million of autocallable contingent coupon yield notes due June 17, 2019 linked to the common stocks of Apple Inc., Starbucks Corp., Philip Morris International Inc. and Cisco Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 12% per year if each stock closes at or above its coupon barrier level, 70% of its initial share price, on the determination date for that quarter.
The notes will be automatically called at par if each stock closes at or above its trigger level, 95% of its initial share price, on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its knock-in level, 70% of its initial share price, in which case investors will be fully exposed to the decline of the worst-performing stock.
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 stocks: | Apple Inc. (Symbol: AAPL), Starbucks Corp. (Symbol: SBUX), Philip Morris International Inc. (Symbol: PM) and Cisco Systems, Inc. (Symbol: CSCO)
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Amount: | $1,125,000
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Maturity: | June 17, 2019
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Coupon: | Each quarter, notes pay coupon at rate of 12% per year if each stock closes at or above coupon barrier price on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to decline of worst-performing stock
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Call: | Automatically at par plus coupon if each stock closes at or above its trigger level on any quarterly observation date
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Initial share prices: | $127.42 for Apple, $51.54 for Starbucks, $80.75 for Philip Morris, $28.24 for Cisco
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Coupon barrier/knock-in levels: | $89.19 for Apple, $36.08 for Starbucks, $56.53 for Philip Morris, $19.77 for Cisco; 70% of initial levels
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Trigger levels: | $121.05 for Apple, $48.96 for Starbucks, $76.71 for Philip Morris, $26.83 for Cisco; 95% of initial levels
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Pricing date: | June 9
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Settlement date: | June 16
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4%
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Cusip: | 22546VF27
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