Published on 5/4/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, May 4 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due May 4, 2020 linked to Goodyear Tire & Rubber Co., Dollar General Corp. and Charles Schwab Corp. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 9% if each stock closes above its barrier level, 50% of its initial level, on the observation date for that month.
The notes will be automatically called at par plus the contingent coupon if each stock closes above its initial level on any quarterly call observation date beginning July 31.
The payout at maturity will be par plus unless any stock finishes below its 50% barrier level, in which case investors will be fully exposed to the loss of the least-performing stock.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Goodyear Tire & Rubber Co., Dollar General Corp. and Charles Schwab Corp.
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| Amount: | $1 million
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| Maturity: | May 4, 2020
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| Coupon: | 10% per year, payable monthly if each stock closes at or above its barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par plus unless any stock finishes below its barrier level, in which case full exposure to loss of least-performing stock
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| Call option: | Automatically if each stock closes at or above its initial level on any quarterly call observation date beginning July 31
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| Initial prices: | $36.23 for Goodyear, $72.71 for Dollar General, $38.85 for Charles Schwab
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| Barrier prices: | $18.115 for Goodyear, $36.355 for Dollar General, $19.425 for Charles Schwab, 50% of initial levels
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| Pricing date: | April 28
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| Settlement date: | May 3
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| Agent: | Incapital LLC
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| Fees: | 3.25%
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| Cusip: | 22550B3P6
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