Published on 4/1/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.06 million contingent coupon autocallables linked to retailers
By Angela McDaniels
Tacoma, Wash., April 1 – Credit Suisse AG, London Branch priced $1.06 million of contingent coupon autocallable yield notes due March 29, 2022 linked to the least performing of the common stocks of Home Depot, Inc., Lowe’s Cos., Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.5% per year if each stock closes at or above its knock-in level, 70% of its initial share price, on the observation date for that quarter.
Beginning Sept. 25, the notes will be automatically called at par if each stock closes at or above its trigger level, 90% of its initial share price, on any quarterly observation date.
The payout at maturity will be par unless any stock closes below its knock-in level during the life of the notes, in which case the payout will be par plus the return of the least-performing stock, subject to a maximum payout of par.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Home Depot, Inc. (Symbol: HD), Lowe’s Cos., Inc. (Symbol: LOW) and Walmart Inc. (Symbol: WMT)
|
| Amount: | $1.06 million
|
| Maturity: | March 29, 2022
|
| Coupon: | Each quarter, notes pay contingent coupon at rate of 8.5% per year unless any stock closes below knock-in level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock closes below knock-in level during life of notes, in which case par plus return of least-performing stock, subject to maximum payout of par
|
| Call: | Beginning Sept. 25, automatically at par if each stock closes at or above trigger level on any quarterly observation date
|
| Initial share prices: | $189.34 for Home Depot, $105.96 for Lowe’s and $98.32 for Walmart
|
| Trigger levels: | $170.406 for Home Depot, $95.364 for Lowe’s and $88.488 for Walmart; 90% of initial levels
|
| Knock-in levels: | $132.538 for Home Depot, $74.172 for Lowe’s and $68.824 for Walmart; 70% of initial share prices
|
| Pricing date: | March 26
|
| Settlement date: | March 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3%
|
| Cusip: | 22552F3G5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
