Published on 3/2/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $576,000 autocallable yield notes tied to five tech stocks
By Wendy Van Sickle
Columbus, Ohio, March 2 – Credit Suisse AG, London Branch priced $576,000 of autocallable yield notes due Feb. 28, 2018 linked to the lowest performing of the common stocks of International Business Machines Corp., Microsoft Corp., Intel Corp., Cisco Systems, Inc. and Oracle Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 8.337% if each stock closes above its knock-in level, 70% 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 observation date beginning May 24.
The payout at maturity will be par unless any of the stocks closes below its knock-in level, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price.
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: | International Business Machines Corp., Microsoft Corp., Intel Corp., Cisco Systems, Inc. and Oracle Corp.
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| Amount: | $576,000
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| Maturity: | Feb. 28, 2018
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| Coupon: | 8.337% per year, payable monthly if each stocks set closes at or above its knock-in level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus unless any stock closes below its knock-in level, in which case a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price
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| Call option: | Automatically if each stock closes at or above its initial level on any observation date beginning May 24
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| Initial prices: | $181.65 for International, $64.82 for Microsoft, $36.18 for Intel, $34.04 for Cisco, $42.96 for Oracle
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| Knock-in prices: | $127.155 for International, $45.234 for Microsoft, $25.326 for Intel, $23.828 for Cisco, $30.072 for Oracle; 70% of initial levels
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JEJ5
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