Published on 5/4/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.29 million 15.5% contingent coupon autocalls tied to tech stocks
By Susanna Moon
Chicago, May 4 – Credit Suisse AG, London Branch priced $1.29 million of contingent coupon autocallable yield notes due Oct. 30, 2020 linked to the least performing of the common stocks of Amazon.com Inc., Facebook, Inc., Alphabet, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15.5% if each underlying stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any review date.
The payout at maturity will be par unless any stock ever closes below its 60% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the worst performing stock.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying assets: | Amazon.com Inc. (Symbol: AMZN), Facebook, Inc. (Symbol: FB), Alphabet, Inc. (Symbol: GOOG) and Netflix, Inc. (Symbol: NFLX)
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| Amount: | $1,293,000
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| Maturity: | Oct. 30, 2020
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| Coupon: | 15.5% annualized, payable quarterly if each stock closes at or above 60% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock ever closes below 60% knock-in level, in which case 1% loss per 1% decline of worst performing stock
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| Call: | At par if each asset closes at or above its initial level on any review date
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| Initial levels: | $1,460.17 for Amazon, $159.69 for Facebook, $1,021.18 for Alphabet and $305.76 for Netflix
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| Barrier levels: | $876.10 for Amazon, $95.814 for Facebook, $612.71 for Alphabet and $183.456 for Netflix, 60% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22550WQ59
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