Published on 5/1/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.36 million contingent coupon autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, May 1 – Credit Suisse AG, London Branch priced $1.36 million of contingent coupon autocallable yield notes due April 29, 2019 linked to the lowest performing of the common stock of E*Trade Financial Corp., Halliburton Co. and United Continental Holdings., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9% if each stock closes at or above its barrier level, 50% of its initial level, on the observation date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either stock finishes below its barrier, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | E*Trade Financial Corp., Halliburton Co. and United Continental Holdings., Inc.
|
| Amount: | $1,358,000
|
| Maturity: | April 29, 2019
|
| Coupon: | 9% per year, payable monthly if each stock closes at or above its barrier level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus unless any stock finishes below its barrier level, in which case full exposure to loss of least-performing stock
|
| Call: | Automatically if each stock closes at or above its initial level on any quarterly call observation date
|
| Initial prices: | $35.45 for E*Trade, $46.75 for Halliburton, $71.00 for United Continental
|
| Barrier prices: | $17.725 for E*Trade, $23.375 for Halliburton, $35.50 for United Continental, 50% of initial levels
|
| Pricing date: | April 24
|
| Settlement date: | April 27
|
| Agent: | Incapital LLC
|
| Fees: | 3.25%
|
| Cusip: | 22548QZE8
|
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