Published on 12/6/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.09 million contingent coupon autocallable yield notes on Facebook
By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Credit Suisse AG, London Branch priced $2.09 million of contingent coupon autocallable yield notes due Dec. 20, 2017 linked to Facebook, Inc. class A common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Facebook stock closes at or above the coupon barrier level, about 80% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that period at a rate of 10.3% per year.
If the closing share price is greater than or equal to the initial share price on March 16, 2017, June 15, 2017 or Sept. 14, 2017, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the 80% knock-in price, in which case investors will lose 1% for each 1% decline.
J.P. Morgan Securities 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 stock: | Facebook, Inc.
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| Amount: | $2.09 million
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| Maturity: | Dec. 20, 2017
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| Contingent payment: | 10.3% per year, payable quarterly if Facebook stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par, unless share price finishes below knock-in price, in which case 1% loss for each 1% decline
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| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on March 16, 2017, June 15, 2017 or Sept. 14, 2017
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| Initial share price: | $115.40
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| Coupon barrier/knock-in price: | $86.55, 80% of initial share price
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| Pricing date: | Dec. 2
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| Settlement date: | Dec. 7
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| Agents: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 22548QPR0
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