Published on 4/11/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.22 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, April 11 – Credit Suisse AG, London Branch priced $3.22 million of contingent coupon autocallable yield notes due March 29, 2019 linked to Bank of America Corp., MetLife, Inc. and Halliburton Co. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 10% if each stock closes above its barrier level, 60% of its initial level, on the observation date for that month.
The notes will be automatically called at par plus the contingent coupon if each stock closes above its initial level on any quarterly call observation date beginning June 27.
The payout at maturity will be par plus unless any stock finishes below its 60% barrier level, in which case investors will be fully exposed to the loss of the least-performing stock.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Bank of America Corp., MetLife, Inc. and Halliburton Co.
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| Amount: | $3,224,000
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| Maturity: | March 29, 2019
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| Coupon: | 10% per year, payable monthly if each stock closes at or above its barrier level for that month
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| Price: | Par
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| Payout at maturity: | Par plus unless any stock finishes below its barrier level, in which case full exposure to loss of least-performing stock
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| Call option: | Automatically if each stock closes at or above its initial level on any quarterly call observation date beginning June 27
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| Initial prices: | $23.48 for BofA, $48.02 for Halliburton, $52.48 for MetLife
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| Barrier prices: | $14.088 for BofA, $28.812 for Halliburton, $31.488 for MetLife, 60% of initial levels
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| Pricing date: | March 28
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| Settlement date: | March 31
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| Agent: | Incapital LLC
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| Fees: | 3.5%
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| Cusip: | 22548QWN1
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