Published on 3/28/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.64 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, March 28 – Credit Suisse AG, London Branch priced $1.64 million of contingent coupon autocallable yield notes due Sept. 30, 2019 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc., Amazon.com, Inc. and Alphabet Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 11.8% if each stock closes at or above its coupon barrier, 65% of its initial level, 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 trigger observation date.
The payout at maturity will be par unless any stock finishes below its 65% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc. and Alphabet Inc.
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| Amount: | $1,637,000
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| Maturity: | Sept. 30, 2019
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| Coupon: | 11.8% per year, payable quarterly if each stock closes at or above its barrier level on quarterly observation date
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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 least performing stock
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| Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date
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| Initial prices: | $175.24 for Apple, $1,586.51 for Amazon, $1,095.80 for Alphabet
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| Coupon barriers: | $113.906 for Apple, $1,0312315 for Amazon, $712.27 for Alphabet; 65% of initial levels
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| Knock-in levels: | $113.906 for Apple, $1,0312315 for Amazon, $712.27 for Alphabet; 65% of initial levels
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| Pricing date: | March 23
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| Settlement date: | March 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22550WLU9
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