Published on 4/19/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $679,000 autocallable yield notes tied to three retail stocks
By Marisa Wong
Morgantown, W.Va., April 19 – Credit Suisse AG, London Branch priced $585,000 of 15.75% autocallable yield notes due April 18, 2018 linked to the lowest performing of the common stocks of lululemon athletica inc., L Brands, Inc. and Kohl’s Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if each stock closes above its initial level on any monthly observation date beginning July 13.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable yield notes
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| Underlying stocks: | lululemon athletica inc. (Symbol: LULU), L Brands, Inc. (Symbol: LB) and Kohl’s Corp. (Symbol: KSS)
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| Amount: | $585,000
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| Maturity: | April 18, 2018
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| Coupon: | 15.75% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, the cash equivalent
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| Call: | Automatically at par if each stock closes at or above its initial level on any monthly observation date beginning July 13
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| Initial prices: | $51.22 for lululemon, $47.46 for L Brands, $39.45 for Kohl’s
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| Knock-in prices: | $35.854 for lululemon, $33.222 for L Brands, $27.615 for Kohl’s; 70% of initial prices
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| Pricing date: | April 13
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| Settlement date: | April 18
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JFZ8
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