Published on 2/27/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.5 million 17.75% contingent coupon autocalls tied to stocks
By Susanna Moon
Chicago, Feb. 27 – Credit Suisse AG, London Branch priced $4.5 million of contingent coupon autocallable yield notes due Feb. 14, 2020 linked to the least performing of the common stocks of salesforce.com, Inc., Netflix, Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 17.75% if each stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses 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 assets: | salesforce.com, Inc. (Symbol: CRM), Netflix, Inc. (Symbol: NFLX) and Amazon.com, Inc. (Symbol: AMZN)
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Amount: | $4.5 million
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Maturity: | Feb. 14, 2020
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Coupon: | 17.75% annualized, payable quarterly if each stock closes at or above its 70% coupon barrier 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 knock-in level, in which full exposure to the losses of the worst performing stock
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Call: | At par if each stock closes at or above initial level on any quarterly trigger observation date beginning May 7, 2018
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Initial levels: | $110.05 for salesforce, $264.56 for Netflix and $1,416.78 for Amazon
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Trigger levels: | $77.035 for salesforce, $185.192 for Netflix and $991.746 for Amazon, 70% of initial levels
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Pricing date: | Feb. 7
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Settlement date: | Feb. 15
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2%
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Cusip: | 22550WBH9
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