Published on 4/17/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.37 million contingent coupon autocallable yield notes on stocks
By Sarah Lizee
Olympia, Wash., April 17 – Credit Suisse AG, London Branch priced $2.37 million of contingent coupon autocallable yield notes due April 18, 2022 linked to the least performing of the shares of CVS Health Corp. and Walgreens Boots Alliance, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8.75% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date.
The notes will be called at par if each stock closes at or above its trigger level, 90% of its initial level, on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses 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: | CVS Health Corp. and Walgreens Boots Alliance, Inc.
|
| Amount: | $2,365,000
|
| Maturity: | April 18, 2022
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| Coupon: | 8.75% per year, payable quarterly if each stock closes at or above its barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least performing stock
|
| Call: | Automatically if each stock closes at or above 90% of initial level on any quarterly trigger observation date
|
| Initial prices: | $52.81 for CVS, $53.45 for Walgreens
|
| Trigger levels: | $47.529 for CVS, $48.105 for Walgreens; 90% of initial prices
|
| Coupon barriers: | $36.967 for CVS, $37.415 for Walgreens; 70% of initial prices
|
| Knock-in levels: | $36.967 for CVS, $37.415 for Walgreens; 70% of initial prices
|
| Pricing date: | April 12
|
| Settlement date: | April 17
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3%
|
| Cusip: | 22552FAT9
|
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