By Angela McDaniels
Tacoma, Wash., April 23 – Credit Suisse AG, London Branch priced $1.1 million of contingent coupon autocallable yield notes due April 24, 2020 linked to the common stock of Gap, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon if Gap shares close at or above the barrier price, 80% of the initial share price, on the observation date for that quarter. The coupon rate is 7.25% per year.
The notes will be automatically called at par if the shares close at or above the initial share price on any quarterly observation date.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout will be par. Otherwise, investors will receive a number of Gap shares equal to $1,000 divided by the initial share price or, at the issuer’s option, a cash amount equal to the value of those shares.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying shares: | Gap, Inc. (Symbol: GPS)
|
| Amount: | $1.1 million
|
| Maturity: | April 24, 2020
|
| Coupon: | Each quarter, notes pay coupon at rate of 7.25% per year if Gap shares close at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to barrier price, par; otherwise, 24.6245 Gap shares or cash amount equal to value of those shares
|
| Call: | Automatically at par if shares close at or above initial share price on any quarterly observation date
|
| Initial share price: | $40.61
|
| Barrier price: | $32.488, 80% of initial share price
|
| Pricing date: | April 21
|
| Settlement date: | April 24
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 3%
|
| Cusip: | 22546VB21
|
© 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.
