Published on 8/20/2015 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.75 million six-month contingent coupon autocallables tied to stocks
By Susanna Moon
Chicago, Aug. 20 – Credit Suisse AG, London branch priced $3.75 million of autocallable contingent coupon buffered notes due Feb. 22, 2016 linked to the common stocks of Joy Global Inc. and Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 16.2% if each stock closes at or above the 75% coupon barrier level on the determination date for that quarter.
The notes will be called at par if each stock closes at or above the initial level on the call date.
The payout at maturity will be par plus the contingent coupon unless either stock falls by more than the 25% buffer, in which case investors will be exposed to any losses of the worse performing stock beyond 25%.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London branch
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| Issue: | Autocallable contingent coupon buffered notes
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| Underlying stocks: | Joy Global Inc. and Wynn Resorts, Ltd.
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| Amount: | $3,745,000
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| Maturity: | Feb. 22, 2016
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| Coupon: | 16.2% annualized, payable quarterly if each stock closes at or above coupon barrier level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above 75% buffer level, par plus contingent coupon; otherwise, exposure to any losses of worse performing stock beyond 25%
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| Call: | At par if each stock closes at or above the initial level on Nov. 17, 2015
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| Initial levels: | $25.40 for Joy and for $92.17 Wynn Resorts
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| Coupon barriers: | $19.05 for Joy and for $69.1275 Wynn Resorts, 75% of initial levels
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 20
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| Underwriter: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.375%
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| Cusip: | 22546VKA3
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