Published on 12/24/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.54 million contingent coupon autocallable yield notes on Boeing
By Devika Patel
Knoxville, Tenn., Dec. 24 – Credit Suisse AG, London Branch, priced $1,535,000 of contingent coupon autocallable yield notes due March 19, 2020 linked to Boeing Co. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Boeing stock closes at or above the coupon barrier level, 73% of the initial share price, on a monthly observation date, the notes will pay a contingent payment for that month at a rate of 9.5% per year.
If the closing share price is greater than or equal to the initial share price on June 14, 2019, Sept. 16, 2019 or Dec. 16, 2019, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called, the payout at maturity will be par unless the share price closes below the 73% knock-in price during the life of the notes, in which case investors will lose 1% for each 1% decline of the stock or receive par if the stock finishes flat or gains.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stock: | Boeing Co. (Symbol: BA)
|
| Amount: | $1,535,000
|
| Maturity: | March 19, 2020
|
| Contingent payment: | 9.5% per year, payable monthly if Boeing stock closes at or above coupon barrier level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par, unless share price closes below 73% knock-in price during life of the notes, in which case 1% loss for each 1% decline or par if stock finishes flat or gains
|
| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on June 14, 2019, Sept. 16, 2019 or Dec. 16, 2019
|
| Initial share price: | $318.75
|
| Coupon barrier/knock-in price: | $232.6875, 73% of initial share price
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 19
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 2.25%
|
| Cusip: | 22549JZP8
|
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