Published on 3/21/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.5 million contingent coupon autocallables on BofA, Goldman
By Marisa Wong
Morgantown, W.Va., March 21 – Credit Suisse AG, London Branch priced $2.5 million of contingent coupon autocallable yield notes due April 1, 2019 linked to the least performing of the common stocks of Bank of America Corp. and Goldman Sachs Group, 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 14.45% if each stock closes at or above its 80% coupon barrier on the related quarterly observation date.
The notes will be called at par if each stock closes at or above its initial price on any quarterly review date prior to maturity.
The payout at maturity will be par unless any stock finishes below its 80% knock-in level, in which case investors will be fully exposed to the decline of the worst performing stock.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Bank of America Corp. (Symbol: BAC) and Goldman Sachs Group, Inc. (Symbol: GS)
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| Amount: | $2.5 million
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| Maturity: | April 1, 2019
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| Coupon: | 14.45% per year, payable each quarter that each stock closes at or above its coupon barrier on the related quarterly observation date
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| Price: | Par
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| Call: | At par if each stock closes at or above its initial price on any quarterly review date prior to maturity
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| Payout at maturity: | Par unless any stock finishes below its knock-in price, in which case investors will be fully exposed to the decline of the worst performing stock
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| Initial prices: | $32.14 for BofA, $264.43 for Goldman
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| Coupon barriers: | $25.71 for BofA, $211.54 for Goldman; 80% of initial prices
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| Knock-in prices: | $25.71 for BofA, $211.54 for Goldman; 80% of initial prices
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| Pricing date: | March 15
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| Settlement date: | March 20
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| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 22550WKE6
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