Published on 8/10/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.08 million contingent coupon autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 10 – Credit Suisse AG, London Branch priced $1.08 million of contingent coupon autocallable yield notes due Aug. 7, 2019 linked to the common stocks of Facebook, Inc., Netflix Inc., Amazon.com, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 10.1% if each stock closes above its barrier level, 55% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par plus the contingent coupon if each stock closes above its initial level on any observation date beginning April 30, 2018.
The payout at maturity will be par plus unless any of the stocks closes below its barrier level, in which case investors will receive be a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price.
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., Netflix Inc., Amazon.com, Inc. and Alphabet Inc.
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| Amount: | $1.08 million
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| Maturity: | Aug. 7, 2019
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 10.1% 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 full exposure to decline of worst-performing stock paid in shares of that stock
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| Call: | Beginning April 30, 2018, automatically at par if each stock closes at or above initial share price on any observation date
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| Initial share prices: | $169.25 for Facebook, $181.66 for Netflix, $930.50 for Alphabet and $987.78 for Amazon
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| Barrier level: | $93.0875 for Facebook, $99.913 for Netflix, $511.775 for Alphabet and $543.279 for Amazon; 55% of initial share prices
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| Pricing date: | July 31
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| Settlement date: | Aug. 7
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.672%
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| Cusip: | 22549JFK1
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