Published on 7/12/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.36 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, July 12 – Credit Suisse AG, London Branch priced $2.36 million of contingent coupon autocallable yield notes due June 30, 2020 linked to Apple Inc., Visa Inc. and Marathon Oil Corp. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 10% if each stock closes above its barrier level, 50% 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 quarterly call observation date beginning Sept. 26.
The payout at maturity will be par plus unless any stock finishes below its 50% barrier level, in which case investors will be fully exposed to the loss of the least-performing stock.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Apple Inc., Visa Inc. and Marathon Oil Corp.
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| Amount: | $2,363,000
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| Maturity: | June 30, 2020
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| Coupon: | 10% per year, payable monthly if each stock closes at or above its barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus unless any stock finishes below its barrier level, in which case full exposure to loss of least-performing stock
|
| Call option: | Automatically if each stock closes at or above its initial level on any quarterly call observation date beginning Sept. 26
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| Initial prices: | $143.73 for Apple, $94.90 for Visa, $11.35 for Marathon Oil
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| Barrier prices: | $71.865 for Apple, $47.45 for Visa, $5.675 for Marathon Oil, 50% of initial levels
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | Incapital LLC
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| Fees: | 3.25%
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| Cusip: | 22550BA29
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