Published on 10/12/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $750,000 contingent coupon autocallable yield notes on Workday
By Tali Rackner
Minneapolis, Oct. 12 – Credit Suisse AG, London Branch priced $750,000 of contingent coupon autocallable yield notes due Oct. 16, 2018 linked to the class A common stock of Workday, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter the notes will pay a contingent coupon at an annual rate of 10% if the shares close at or above the coupon barrier, 61% of the initial level, for that quarter.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial level on Jan. 11, 2018, April 12, 2018 or July 12, 2018.
The payout at maturity will be par unless the shares finish below the knock-in level, 61% of the initial share price, in which case investors will lose 1% for each 1% decline in the stock from its initial level.
J.P. Morgan is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | Workday, Inc. (Symbol: WDAY)
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| Amount: | $750,000
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| Maturity: | Oct. 16, 2018
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| Contingent payment: | 10% per year, payable quarterly if stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par, unless share price finishes below knock-in price, in which case 1% loss for each 1% decline
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| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on Jan. 11, 2018, April 12, 2018 or July 12, 2018
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| Initial share price: | $101.85
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| Coupon barrier/knock-in price: | $62.129, 61% of initial share price
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 3
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| Agent: | J.P. Morgan
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| Fees: | 1%
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| Cusip: | 22550BKF9
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