Published on 5/18/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.18 million contingent coupon autocallable yield notes on GM, Valero
By Wendy Van Sickle
Columbus, Ohio, May 18 – Credit Suisse AG, London Branch priced $2.18 million of contingent coupon autocallable yield notes due May 17, 2018 linked to General Motors Co. and Valero Energy Corp. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 14.4% if each stock closes above its barrier level, 75% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each stock closes above its initial level on any quarterly observation date.
The payout at maturity will be par plus unless either stock finishes below its 75% barrier level, in which case investors will be fully exposed to the loss of the least-performing stock.
Credit Suisse Securities (USA) LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | General Motors Co. and Valero Energy Corp.
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| Amount: | $2,175,000
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| Maturity: | May 17, 2018
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| Coupon: | 14.4% per year, payable quarterly if each stock closes at or above its barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus unless either stock finishes below its barrier level, in which case full exposure to loss of least-performing stock
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| Call option: | Automatically if each stock closes at or above its initial level on any quarterly call observation date
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| Initial prices: | $33.62 for General Motors, $66.42 for Valero
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| Barrier prices: | $25.22 for General Motors, $49.82 for Valero, 75% of initial levels
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| Pricing date: | May 12
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| Settlement date: | May 17
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.25%
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| Cusip: | 22549JGU8
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