Published on 3/29/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.25 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, March 29 – Credit Suisse AG, London Branch priced $4.25 million of contingent coupon autocallable yield notes due March 29, 2019 linked to JPMorgan Chase & Co., Netflix, Inc. and V.F. Corp. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 18.75% if each stock closes above its barrier level, 70% of its initial level, on the observation date for that quarter.
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 June 26.
The payout at maturity will be par plus unless any stock closes below its 70% barrier 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: | JPMorgan Chase & Co., Netflix, Inc. and V.F. Corp.
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| Amount: | $4.25 million
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| Maturity: | March 29, 2019
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| Coupon: | 18.75% per year, payable quarterly if each stock closes at or above its barrier level for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus unless any stock closes below its barrier 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 June 26
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| Initial prices: | $87.29 for JPMorgan, $142.02 for Netflix, $54.06 for V.F.
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| Barrier prices: | $61.03 for JPMorgan, $99.414 for Netflix, $37.842 for V.F.; 70% of initial levels
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| Pricing date: | March 24
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| Settlement date: | March 29
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| Agents: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22548QXS9
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