Published on 10/21/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.6 million contingent coupon autocallables on Twitter, GW
By Devika Patel
Knoxville, Tenn., Oct. 21 – Credit Suisse AG, London Branch, priced $1.6 million of contingent coupon autocallable yield notes due Oct. 19, 2017 linked to the common stock of Twitter, Inc. and the American Depositary Shares of GW Pharmaceuticals plc, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 21% if each stock closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that month.
The payout at maturity will be par unless either stock finishes below its 60% knock-in level, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
The notes will be called at par if both stocks close at or above their respective initial levels on any interest payment date after Jan. 13, 2017.
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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| Underlyings: | Common stock of Twitter, Inc. and American Depositary Shares of GW Pharmaceuticals plc
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| Amount: | $1.6 million
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| Maturity: | Oct. 19, 2017
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| Coupon: | 21% per year per semiannual period if both stocks close at or above coupon barrier levels during that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below knock-in level, in which case a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent
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| Call option: | At par if both stocks close at or above their initial levels on any interest payment date after Jan. 13, 2017
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| Initial level: | $16.88 for Twitter, $126.39 for GW
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| Coupon barrier/knock-in levels: | $10.128 for Twitter, $75.834 for GW, 60% of initial levels
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| Pricing date: | Oct. 14
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| Settlement date: | Oct. 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JCS7
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