Published on 8/11/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.67 million autocallable contingent income notes on Amazon, Facebook
By Wendy Van Sickle
Columbus, Ohio, Aug. 11 – Credit Suisse AG priced $2.67 million of autocallable contingent income securities due Aug. 8, 2019 linked to the common stocks of Facebook, Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 11% if each stock closes at or above the coupon barrier level, 75% of the initial level, on the determination date for that quarter.
The notes will be called at par plus the coupon if the stock closes at or above the initial price on any quarterly observation date other than the final one.
If the notes are not called and each stock finishes at or above the 75% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% decline of the worst performing stock.
Credit Suisse Securities (USA) LLC is the underwriter and Morgan Stanley Smith Barney LLC is the distributor.
| Issuer: | Credit Suisse AG
|
| Issue: | Autocallable contingent income barrier notes
|
| Underlying stock: | Amazon.com, Inc. and Facebook, Inc.
|
| Amount: | $2,667,500
|
| Maturity: | Aug. 8, 2019
|
| Coupon: | 11%, payable quarterly if each stock closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above 75% downside threshold level, par plus final coupon; otherwise, 1% loss for each 1% decline of laggard stock
|
| Initial level: | $987.58 for Amazon and $169.62 for Facebook
|
| Coupon barrier level: | $740.69 for Amazon and $127.72 for Facebook, 75% of initial price
|
| Downside threshold level: | $740.69 for Amazon and $127.72 for Facebook, 75% of initial price
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 9
|
| Agent: | Credit Suisse Securities (USA) LLC, Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 2%
|
| Cusip: | 22549C642
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
