Published on 1/17/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocallable yield notes on beauty stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 17 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due Jan. 21, 2020 linked to the class A common stock of Estee Lauder Cos. Inc., the class A common stock of Coty Inc. and the common stock of Ulta Salon, Cosmetics & Fragrance, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 11.5% if each stock closes above its barrier level, 60% of its initial level, on the observation date for that month.
The notes will be automatically called at plus the contingent coupon if each stock closes above its initial level on any quarterly trigger observation date beginning April 12.
The payout at maturity will be par plus unless any stock closes below its barrier level, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Estee Lauder Cos. Inc., Coty Inc. and Ulta Salon, Cosmetics & Fragrance, Inc.,
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| Amount: | $1 million
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| Maturity: | Jan. 21, 2020
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| Coupon: | 15.15% per year, payable quarterly if each stocks set closes at or above its barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par plus unless any stock closes below its barrier level, in which case a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price
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| Call option: | Automatically if each stock closes at or above its initial level on any quarterly trigger observation date beginning April 12
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| Initial prices: | $79.14 for Estee Lauder, $18.54 for Coty, $260.95 for Ulta
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| Barrier/knock-in prices: | $47.484 for Estee Lauder, $11.124 for Coty, $156.57 for Ulta; 60% of initial levels
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agent: | Incapital LLC
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| Fees: | 3%
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| Cusip: | 22548QRV9
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