Published on 5/11/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $500,000 contingent coupon autocallables on lululemon, L Brands
By Wendy Van Sickle
Columbus, Ohio, May 11 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due May 11, 2017 linked to the common stocks of lululemon athletica inc. and L Brands, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annual rate of 13.3% if each index closes at or above 70% of its initial level on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any monthly observation date on or after Aug. 8, 2016.
The payout at maturity will be par unless either stock closes at or below its knock-in level, 70% of its initial level, in which case the payout will be the number of shares of the lowest performing stock equal to the physical delivery amount, plus a cash amount in respect of any fractional share.
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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| Underlying stocks: | lululemon athletica inc. (Symbol: LULU) and L Brands, Inc. (Symbol: LB)
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| Amount: | $500,000
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| Maturity: | May 11, 2017
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| Contingent payment: | 13.3% per year, payable monthly if each stock closes at or above 70% of initial level on observation date for that month
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| Price: | Par
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| Payout at maturity: | If final share price of each stock is greater than or equal to knock-in level, par plus contingent payment; otherwise, number of shares of the lowest performing stock adjusted for its decline
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| Call: | Automatically at par plus contingent payment if closing share price of each stock is greater than or equal to initial share price on any monthly observation date on or after Aug. 8, 2016
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| Initial share price: | $63.41 for lululemon and $70.53 for L Brands
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| Knock-in level: | $44.387 for lululemon and $49.371 for L Brands, 70% of initial share prices
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| Pricing date: | May 6
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| Settlement date: | May 11
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| Agents: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22548Q5T8
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