Published on 6/5/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.71 million contingent coupon callable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, June 5 – Credit Suisse AG, London Branch priced $3.71 million of contingent coupon callable yield notes due June 6, 2022 linked to the lowest performing of the common stocks of American International Group, Inc., Brighthouse Financial, Inc. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11.34% if each stock closes above its coupon barrier level, 60% of its initial level, on the observation date for that period.
Starting Dec. 4, 2018. Credit Suisse may call the notes at par on any coupon payment date.
The payout at maturity will be par unless any stock finishes below its knock-in level, 60% of its initial level, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying stocks: | American International Group, Inc., Brighthouse Financial, Inc. and Goldman Sachs Group, Inc.
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Amount: | $3,709,000
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Maturity: | June 6, 2022
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Coupon: | 11.34% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to any losses of least performing stock
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Call option: | At par on any quarterly call observation date beginning Dec. 4
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Initial prices: | $53.50 for American International, $48.28 for Brighthouse, $235.01 for Goldman
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Coupon barrier/knock-in levels: | $31.98 for American International, $28.968 for Brighthouse, $141.006 for Goldman; 60% of initial levels
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Pricing date: | May 25
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Settlement date: | June 4
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 22550WUA3
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