By Toni Weeks
San Luis Obispo, Calif., July 28 – Credit Suisse AG, London Branch priced $843,000 of trigger phoenix autocallable optimization securities due July 31, 2020 linked to the American Depositary Shares of HSBC Holdings plc, according to a 424B2 filing with the Securities and Exchange Commission.
If HSBC stock closes at or above the coupon barrier level – 77% of the initial price – on any monthly observation date, the notes will pay a contingent coupon at an annualized rate of 8% for that month.
If the shares close at or above the initial price on any monthly observation date after one year, the notes will be called at par plus the contingent coupon.
If the notes are not called and HSBC shares finish at or above the 77% trigger level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
UBS Financial Services Inc. will be the distributor.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Trigger phoenix autocallable optimization securities
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Underlying stock: | HSBC Holdings plc (Symbol: HSBC)
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Amount: | $843,000
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Maturity: | July 31, 2020
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Coupon: | 8%, payable monthly if stock closes at or above coupon barrier level on observation date for that month
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Price: | Par of $10.00
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Payout at maturity: | Par plus contingent coupon if HSBC shares finish at or above trigger price; otherwise, par plus stock return
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Call: | Automatically at par plus contingent coupon if HSBC shares close at or above initial price on a monthly observation date beginning July 25, 2016
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Initial share price: | $44.07
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Coupon barrier/trigger: | $33.93, 77% of initial price
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Pricing date: | July 24
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Settlement date: | July 31
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Dealer: | UBS Financial Services Inc,
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Fees: | 2.5%
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Cusip: | 22548F471
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