Published on 3/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $5.54 million buffered PLUS tied to basket of 10 stocks
By Wendy Van Sickle
Columbus, Ohio, March 6 – Credit Suisse AG, London Branch priced $5.54 million of 0% buffered Performance Leveraged Upside Securities due Sept. 2, 2020 linked to an equally-weighted basket of 10 stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the common stocks of Merck & Co., Inc., Cisco Systems, Inc., Procter & Gamble Co., JPMorgan Chase & Co., Coca-Cola Co., Pfizer Inc., ConocoPhillips, Exxon Mobil Corp., Microsoft Corp. and Comcast Corp.
The payout at maturity will be par of $10 plus 1.5 times any basket gain, up to a maximum payment of $11.50 per PLUS.
Investors will receive par if the basket falls by up to 9.1% and will lose 1% for each 1% decline beyond the buffer.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Buffered Performance Leveraged Upside Securities
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| Underlying basket: | Merck & Co., Inc., Cisco Systems, Inc., Procter & Gamble Co., JPMorgan Chase & Co., Coca-Cola Co., Pfizer Inc., ConocoPhillips, Exxon Mobil Corp., Microsoft Corp. and Comcast Corp., each with 10% weights
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| Amount: | $5,537,440
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| Maturity: | Sept. 2, 2020p
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 150% of any basket gain, capped at par plus 15%; if basket falls by up to 9.1%, par; otherwise, 1% loss per 1% decline beyond 9.1%
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| Initial levels: | $81.29 for Merck, $51.77 for Cisco, $98.55 for Procter & Gamble, $104.36 for JPMorgan, $45.34 for Coca-Cola, $43.35 for Pfizer, $67.85 for ConocoPhillips, $79.03 for Exxon Mobil, $112.03 for Microsoft, $38.67 for Comcast
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| Pricing date: | Feb. 28
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| Settlement date: | March 5
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| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley Wealth Management as a dealer
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| Fees: | 2.5%
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| Cusip: | 22549Y735
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