Published on 8/9/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.46 million contingent coupon autocallables on three stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 9 – Credit Suisse AG, London Branch priced $1.46 million of contingent coupon autocallable yield notes due Aug. 9, 2017 linked to the worst performing of the class A common stock of Facebook, Inc. and the common stocks of Apple Inc. and Skyworks Solutions, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 14.25% if each stock closes at or above its coupon barrier level, 70% of the 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 observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will receive shares with full exposure to any losses of the worst performing stock.
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: | Facebook, Inc. (Symbol: FB), Apple Inc. (Symbol: AAPL), Skyworks Solutions, Inc. (Symbol: SWKS)
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| Amount: | $1,455,000
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| Maturity: | Aug. 9, 2017
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| Contingent payment: | 14.25% per year, payable monthly if each stock closes at or above coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | If final share price of each stock is greater than or equal to knock-in level, par; otherwise, number of shares of the lowest performing stock equal to $1,000 divided by the initial price of that stock
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| Call: | Automatically at par plus contingent payment if closing share price of each stock is greater than or equal to initial share price on any monthly observation date on any observation date
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| Initial share prices: | $124.36for Facebook, $105.87 for Apple, $65.16 for Skyworks
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| Barrier/knock-in levels: | $87.052 for Facebook, $74.109 for Apple, $45.612 for Skyworks; 70% of initial share prices
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| Pricing date: | Aug. 4
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| Settlement date: | Aug. 9
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JBA7
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