Published on 11/15/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.07 million contingent coupon autocallables on three stocks
By Marisa Wong
Morgantown, W.Va., Nov. 15 – Credit Suisse AG, London Branch priced $1.07 million of contingent coupon autocallable yield notes due Nov. 18, 2019 linked to the least performing of the common stocks of Morgan Stanley, SVB Financial Group and Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above its coupon barrier, 70% of its initial price, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annual rate of 19.05%.
After six months, the notes will be called at par if each stock closes at or above its initial price on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will be fully exposed to any decline of the least-performing stock.
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: | Morgan Stanley (Symbol: MS), SVB Financial Group (Symbol: SIVB) and Wynn Resorts, Ltd. (Symbol: WYNN)
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| Amount: | $1,065,000
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| Maturity: | Nov. 18, 2019
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| Coupon: | 19.05% per year, payable each quarter that each stock closes at or above its coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case full exposure to the decline of the least-performing stock
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| Call: | Automatically if each stock closes at or above its initial price on any quarterly trigger observation date beginning May 10, 2018
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| Initial prices: | $48.76 for Morgan Stanley, $208.88 for SVB, $154.03 for Wynn
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| Coupon barriers: | $34.132 for Morgan Stanley, $146.216 for SVB, $107.821 for Wynn; 70% of initial prices
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| Knock-in prices: | $34.132 for Morgan Stanley, $146.216 for SVB, $107.821 for Wynn; 70% of initial prices
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| Pricing date: | Nov. 10
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| Settlement date: | Nov. 16
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22550BP98
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