Published on 11/17/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $759,000 contingent coupon autocallables tied to three stocks
By Marisa Wong
Morgantown, W.Va., Nov. 17 – Credit Suisse AG, London Branch priced $759,000 of contingent coupon autocallable yield notes due May 17, 2021 linked to the least performing of the common stocks of Apple Inc., Citigroup Inc. and Merck & Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above its coupon barrier, 60% of its initial price, on a monthly observation date, the notes will pay a contingent coupon for that month at an annual rate of 9.6%.
After six months, the notes will be called at par if each stock closes at or above its initial price on any monthly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to any decline of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Apple Inc. (Symbol: AAPL), Citigroup Inc. (Symbol: C) and Merck & Co., Inc. (Symbol: MRK)
|
| Amount: | $759,000
|
| Maturity: | May 17, 2021
|
| Coupon: | 9.6% per year, payable each month that each stock closes at or above its coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case full exposure to the decline of the least-performing stock
|
| Call: | Automatically if each stock closes at or above its initial price on any monthly trigger observation date beginning May 10, 2018
|
| Initial prices: | $174.67 for Apple, $72.25 for Citigroup, $55.48 for Merck
|
| Coupon barriers: | $104.802 for Apple, $43.35 for Citigroup, $33.288 for Merck; 60% of initial prices
|
| Knock-in prices: | $104.802 for Apple, $43.35 for Citigroup, $33.288 for Merck; 60% of initial prices
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 17
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 22550BNY5
|
|
|
© 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.
