By William Gullotti
Buffalo, N.Y., March 11 – Credit Suisse AG, London Branch priced $3 million of contingent coupon autocallable yield notes due Sept. 11, 2023 linked to the stock performance of Occidental Petroleum Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly at an annualized rate of 20.1% if the stock closes above its coupon barrier, 70% of its initial level, on the observation date for the period. Previously unpaid interest payments, if any, will be automatically included whenever interest is paid.
The notes will be called at par plus the coupon if the shares close at or above the initial share price on any quarterly trigger observation date after six months.
If the notes are not called and the stock finishes at or above its coupon barrier, the payout at maturity will be par plus all unpaid coupons.
If the stock finishes below the coupon barrier but not below the knock-in level, 60% of initial price, the payout at maturity will be par. Otherwise, investors be fully exposed to the losses of the stock.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stock: | Occidental Petroleum Corp.
|
| Amount: | $3 million
|
| Maturity: | Sept. 11, 2023
|
| Coupon: | 20.1% annual rate, payable monthly if stock closes above coupon barrier on observation day for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus all unpaid coupons if stock finishes at or above coupon barrier; if stock finishes below coupon barrier but at or above knock-in level, par; otherwise, lose 1% for each 1% decline of the stock from its initial level
|
| Call: | Automatically at par plus coupon if shares close at or above initial share price on any quarterly trigger observation date after six months
|
| Initial level: | $63.54
|
| Coupon barrier: | $38.22; 70% of initial share price
|
| Knock-in price: | $32.76; 60% of initial share price
|
| Pricing date: | March 8
|
| Settlement date: | March 11
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.75%
|
| Cusip: | 22553PN54
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
