Published on 1/18/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.55 million contingent coupon autocallable yield notes on Facebook, Google
By Wendy Van Sickle
Columbus, Ohio, Jan. 18 – Credit Suisse AG, London Branch priced $2.55 million of contingent coupon autocallable yield notes due Jan. 18, 2019 linked to Alphabet Inc. and Facebook, Inc. class A common shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11.35% if each stock closes above its barrier level, 80% 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 quarterly observation date.
The payout at maturity will be par plus unless either stock finishes below its 80% barrier level, in which case investors will be fully exposed to the loss of the least-performing stock.
Credit Suisse Securities (USA) LLC is the placement agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Alphabet Inc. and Facebook, Inc.
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Amount: | $2,546,000
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Maturity: | Jan. 18, 2019
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Coupon: | 11.35% per year, payable quarterly if each stock closes at or above its barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus unless either stock finishes below its barrier level, in which case full exposure to loss of least-performing stock
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Call option: | Automatically if each stock closes at or above its initial level on any quarterly observation date
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Initial prices: | $1,130.65 for Alphabet, $179.37 for Facebook
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Barrier prices: | $904.52 for Alphabet, $143.496 for Facebook, 80% of initial levels
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Pricing date: | Jan. 12
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Settlement date: | Jan. 18
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.25%
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Cusip: | 22549JNT3
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