Published on 8/24/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $10 million autocallable securities on five stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 24 – Credit Suisse AG, London Branch priced $10 million of 0% autocallable securities due Aug. 25, 2022 linked to the worst performing of five stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks include the common stocks of Microsoft Corp. and Amazon.com, Inc., the class A common stock of Facebook, Inc., the class C capital stock of Alphabet Inc. and the American depository shares of Alibaba Group Holding Ltd.
The notes will be automatically called at par plus an annualized redemption premium of 18.8% if each underlying stock closes at or above its initial level on any annual review date.
If the notes are not called, the payout at maturity will be par plus the contingent maximum return of 94% unless any stock finishes below 60% of its initial level, in which case investors will lose 1% for each 1% decline of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying stocks: | Microsoft Corp., Amazon.com, Inc., Facebook, Inc., Alphabet Inc. and Alibaba Group Holding Ltd.
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| Amount: | $10 million
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| Maturity: | Aug. 25, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 94% if each stock finishes above 60% of its initial level; otherwise, investors will be fully exposed to any decline of the least performing stock
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| Call: | Automatically at par plus annualized redemption premium of 18.8% if each underlying closes at or above its initial level on any annual review date
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| Initial levels: | $169.64 for Facebook, $73.16 for Microsoft, $924.69 for Alphabet, $174.46 for Alibaba, $966.90 for Amazon
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| Knock-in levels: | $101.78 for Facebook, $43.90 for Microsoft, $554.81 for Alphabet, $104.68 for Alibaba, $580.14 for Amazon; 60% of initial levels
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| Pricing date: | Aug. 22
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| Settlement date: | Aug. 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22549C857
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