Published on 1/31/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $583,000 8% contingent coupon autocalls on stocks
By Susanna Moon
Chicago, Jan. 31 – Credit Suisse AG, London branch priced $583,000 of contingent coupon autocallable yield notes due Jan. 25, 2021 linked to the least performing of the common stocks Coca-Cola Co. and AT&T Inc. and the class A common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8% if each underlying component closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any interest payment date after one year.
The payout at maturity will be par unless any underlying component finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the worst performing 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 assets: | Coca-Cola Co. (Symbol: KO), AT&T Inc. (Symbol: T) and Facebook, Inc. (Symbol: FB)
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| Amount: | $583,000
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| Maturity: | Jan. 25, 2021
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| Contingent coupon: | 8% annualized, payable quarterly if each stock closes at or above 60% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above knock-in, par; otherwise, 1% loss per 1% drop of worst performing stock
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| Call: | At par if each stock closes at or above its initial level on any interest payment date beginning Jan. 24, 2019
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| Initial levels: | $47.38 for Coca-Cola, $37.87 for AT&T and $185.37 for Facebook
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| Knock-in levels: | $28.428 for Coca-Cola, $22.722 for AT&T and $111.222 for Facebook; 60% of initial levels
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22549JPH7
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