Published on 7/5/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $500,000 contingent coupon autocallables linked to internet stocks
By Angela McDaniels
Tacoma, Wash., July 5 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due July 5, 2017 linked to the class C capital stock of Alphabet Inc., the common stock of Amazon.com, Inc. and the class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annualized rate of 13% if each stock closes at or above its barrier level, 70% of its initial share price, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless any stock finishes 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 that stock’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) 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: | Class C capital stock of Alphabet Inc. (Symbol: GOOG), common stock of Amazon.com, Inc. (Symbol: AMZN) and class A common stock of Facebook, Inc. (Symbol: FB)
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Amount: | $500,000
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Maturity: | July 5, 2017
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Coupon: | Each quarter, notes pay contingent coupon at rate of 13% per year unless any stock closes below barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below barrier level, in which case number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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Call: | Automatically at par if each stock closes at or above initial share price on any quarterly observation date
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Initial share prices: | $684.11 for Alphabet, $715.60 for Amazon and $114.16 for Facebook
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Barrier levels: | $478.877 for Alphabet, $500.92 for Amazon and $79.912 for Facebook; 70% of initial share prices
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Pricing date: | June 29
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Settlement date: | July 5
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.875%
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Cusip: | 22549JAP5
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