Published on 5/1/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $726,000 contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, May 1 – Credit Suisse AG, London Branch priced $726,000 of contingent coupon autocallable yield notes due April 30, 2021 linked to the least performing of the common stocks of Advance Auto Parts, Inc., Bristol-Myers Squibb Co. and Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 11% if each stock closes at or above its coupon barrier, 50% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
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: | Advance Auto Parts, Inc., Bristol-Myers Squibb Co. and Target Corp.
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Amount: | $726,000
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Maturity: | April 30, 2021
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Coupon: | 11% per year, payable monthly if each stock closes at or above its barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least-performing stock
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Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date after six months
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Initial prices: | $107.82 for Advance, $51.76 for Bristol-Myers, $71.14 for Target
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Barrier/knock-in levels: | $53.91 for Advance, $25.88 for Bristol-Myers, $35.57 for Target; 50% of initial levels
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | Incapital LLC
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Fees: | 3.65%
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Cusip: | 22550WNU7
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