Published on 3/13/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.52 million 12.5% contingent coupon autocalls on tech stocks
By Susanna Moon
Chicago, March 13 – Credit Suisse AG, London Branch priced $1.52 million of contingent coupon autocallable yield notes due Aug. 28, 2020 linked to the least performing of the class A common stock of Facebook, Inc., the common stocks of Amazon.com, Inc. and Netflix, Inc. and the class C common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.5% if each underlying asset closes at or above its 50% coupon barrier on the observation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any review date.
The payout at maturity will be par unless any underlying stock closes below its 50% 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 stocks: | Facebook, Inc. (Symbol: FB), Amazon.com, Inc. (Symbol: AMZN), Netflix, Inc. | (Symbol: NFLX) and Alphabet Inc. (Symbol: GOOG)
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Amount: | $1,524,000
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Maturity: | Aug. 28, 2020
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Coupon: | 12.5% annualized, payable quarterly if each asset closes at or above its 50% 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 closes below its 50% knock-in level, in which case 1% loss per 1% decline of worse performing stock
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Call: | At par if each asset closes at or above its initial level on any review date
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Initial levels: | $183.29 for Facebook, $1,500 for Amazon, $285.93 for Netflix and $1,126.79 for Alphabet
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Trigger levels: | $91.645 for Facebook, $750 for Amazon, $142.965 for Netflix and $563.395 for Alphabet; 50% of initial levels
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.5%
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Cusip: | 22550WEP8
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