Published on 3/21/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.75 million 10% contingent coupon callables on three stocks
New York, March 21 – Credit Suisse AG, London Branch priced $2.75 million of contingent coupon callable yield notes due March 16, 2022 linked to the lowest performing of the common stocks of International Business Machines Corp., Kraft Heinz Co. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10% if each stock closes at or above its 60% coupon barrier on the observation date for that month.
Starting Sept. 17, 2018, the notes are callable at par on any interest payment date.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the worst performing stock.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | International Business Machines Corp., Kraft Heinz Co. and Walmart Inc.
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| Amount: | $2,746,000
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| Maturity: | March 16, 2022
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| Coupon: | 10% annualized, payable monthly if each stock closes at or above its 60% coupon barrier on observation date for that month
|
| Price: | Par
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| Payout at maturity: | Par unless any stock ends below 60% knock-in level, in which full exposure to losses of worst performing stock
|
| Call option: | At par on any interest payment date beginning Sept. 17, 2018
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| Initial levels: | $159.31 for IBM, $67.23 for Kraft, $88.72 for Walmart
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| Coupon barriers: | $95.586 for IBM, $40.338 for Kraft, $53.23 for Walmart; 60% of initial levels
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| Knock-in levels: | $95.586 for IBM, $40.338 for Kraft, $53.23 for Walmart; 60% of initial levels
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| Pricing date: | March 9
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| Settlement date: | March 16
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.25%
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| Cusip: | 22550WHU4
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