Published on 2/20/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $735,000 15% contingent coupon autocalls tied to tech stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 20 – Credit Suisse AG, London branch priced $735,000 of contingent coupon autocallable yield notes due Aug. 17, 2020 linked to the least performing of the common stocks of Amazon.com, Inc. and Netflix Inc., the class A common stock of Facebook, Inc. and the class C common stock Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 15% if each stock 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 observation date.
The payout at maturity will be par unless any stock 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 underwriter.
| Issuer: | Credit Suisse AG, London branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Facebook, Inc. (Symbol: FB), Amazon.com, Inc. (Symbol: AMZN), Alphabet Inc. (Symbol: GOOGL) and Netflix Inc. (Symbol: NFLX)
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| Amount: | $735,000
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| Maturity: | Aug. 17, 2020
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| Coupon: | 15% 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: | Par unless any stock finishes below 60% knock-in level, in which case 1% loss per 1% decline of worst performing index
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| Call: | At par if each stock closes at or above initial level on any observation date
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| Initial levels: | $176.41 for Facebook, $1,386.23 for Amazon, $1,051.94 for Alphabet and $257.95 for Netflix
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| Trigger levels: | $105.846 for Facebook, $831.738 for Amazon, $631.164 for Alphabet and $154.77 for Netflix; 60% of initial levels
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 15
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| Agents: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 22550WCR6
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