Published on 4/21/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $4.91 million contingent coupon autocallables linked to Valeant
By Angela McDaniels
Tacoma, Wash., April 21 – Credit Suisse AG, London Branch priced $4.91 million of contingent coupon autocallable yield notes due May 4, 2016 linked to the common shares of Valeant Pharmaceuticals International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon if Valeant shares close at or above the barrier price, 70% of the initial share price, on the observation date for that quarter. The coupon rate is 16.5% per year.
The notes will be automatically called at par if the shares close at or above the initial share price on any quarterly observation date.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout will be par. Otherwise, investors will be fully exposed to the shares’ decline.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying shares: | Valeant Pharmaceuticals International, Inc. (Symbol: VRX)
|
| Amount: | $4,913,000
|
| Maturity: | May 4, 2016
|
| Coupon: | Each quarter, notes pay coupon at rate of 16.5% per year if Valeant shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to barrier price, par; otherwise, full exposure to shares’ decline
|
| Call: | Automatically at par if shares close at or above initial share price on any quarterly observation date
|
| Initial share price: | $205.32
|
| Barrier price: | $143.724, 70% of initial share price
|
| Pricing date: | April 17
|
| Settlement date: | April 22
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 22546VBW5
|
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