Published on 3/20/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.52 million contingent income autocallables on four stocks
By Marisa Wong
Morgantown, W.Va., March 20 – Credit Suisse AG, London Branch priced $1.52 million of contingent coupon autocallable yield notes due March 15, 2018 linked to the class A common stock of Facebook, Inc., the class A common stock of Alphabet Inc., the common stock of Amazon.com, Inc., and the common stock of Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The contingent coupon rate is 14.55% per year. If any stock closes below its barrier level, 70% of its initial share price, on a monthly observation date, no contingent coupon will be paid that month. If each stock closes at or above its coupon barrier level on a monthly observation date, the notes will pay the continent coupon for that month and all prior unpaid contingent coupons, if any.
Beginning June 12, the notes will be automatically called at par if each stock closes at or above its initial share price on any monthly observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by the initial share price of that 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), Alphabet Inc. (Symbol: GOOGL), Amazon.com, Inc. (Symbol: AMZN), Nvidia Corp. (Symbol: NVDA)
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| Amount: | $1,522,000
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| Maturity: | March 15, 2018
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| Contingent coupon: | 14.55% per year; if any stock closes below its barrier level on a monthly observation date, no contingent coupon will be paid that month; if each stock closes at or above its coupon barrier level on a monthly observation date, the notes will pay the continent coupon for that month and all prior unpaid contingent coupons, if any
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case a number of shares of the least-performing stock equal to $1,000 divided by the initial share price of that stock
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| Call: | Beginning June 12, automatically at par if each stock closes at or above its initial share price on any monthly observation date
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| Initial prices: | $138.79 for Facebook, $861.405 for Alphabet, $852.46 for Amazon, $99.12 for Nvidia
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| Coupon barriers: | $97.153 for Facebook, $602.9835 for Alphabet, $596.722 for Amazon, $69.384 for Nvidia; 70% of initial prices
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| Knock-in levels: | $97.153 for Facebook, $602.9835 for Alphabet, $596.722 for Amazon, $69.384 for Nvidia; 70% of initial prices
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| Pricing date: | March 10
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| Settlement date: | March 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JFH8
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