Published on 6/12/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $521,000 9.7% contingent coupon ELKS tied to three stocks
By Susanna Moon
Chicago, June 12 – Credit Suisse AG, London Branch priced $521,000 of autocallable contingent coupon Equity Linked Securities due June 8, 2020 linked to the worst performing of the common stocks of Goldman Sachs Group, Inc., Bank of America Corp. and U.S. Bancorp, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 9.7% if each underlying asset closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either stock finishes below its 70% downside threshold, in which case investors will receive a number of shares of the worse performing stock equal to par of $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable contingent coupon Equity Linked Securities
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| Underlying stocks: | Goldman Sachs Group, Inc. (Symbol: GS), Bank of America Corp. (Symbol: BAC) and U.S. Bancorp (Symbol: USB)
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| Amount: | $3.26 million
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| Maturity: | June 8, 2020
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| Contingent coupon: | 9.7%, payable quarterly if each underlying asset closes at or above its 70% 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 closes at or below barrier, in which case a number of shares of worst performing stock equal to $1,000 divided by the initial share price
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| Call: | At par plus the coupon if each stock closes at or above initial share price on any quarterly observation date
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| Initial prices: | $228.35 for Goldman, $29.40 for BofA and $50.76 for U.S. Bancorp
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| Barrier prices: | $159.845 for Goldman, $20.58 for BofA and $35.532 for U.S. Bancorp, 70% of initial prices
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| Pricing date: | June 1
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| Settlement date: | June 6
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.35%
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| Cusip: | 17324CVU7
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