Published on 4/24/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.03 million contingent coupon autocallable yield notes on stocks
By Tali Rackner
Minneapolis, April 24 – Credit Suisse AG, London Branch priced $1.03 million of contingent coupon autocallable yield notes due Oct. 19, 2020 linked to the least performing of the common stock of Amazon.com, Inc., the class A common stock of Facebook, Inc., the class C capital stock of Alphabet Inc. and the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 17% if each stock closes at or above its coupon barrier, 60% of its initial level, 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 quarterly trigger 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 least-performing stock.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Amazon.com, Inc. (Symbol: AMZN), Facebook, Inc. (Symbol: FB), Alphabet Inc. (Symbol: GOOG) and Netflix, Inc. (Symbol: NFLX)
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Amount: | $1.03 million
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Maturity: | Oct. 19, 2020
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Coupon: | 17% per year, payable quarterly if each stock closes at or above its barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least-performing stock
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Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date
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Initial prices: | $1,430.79 for Amazon, $164.62 for Facebook, $1,029.27 for Alphabet, $311.65 for Netflix
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Barrier/knock-in levels: | $858.474 for Amazon, $98.712 for Facebook, $617.562 for Alphabet, $186.99 for Netflix; 60% of initial levels
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Pricing date: | April 13
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Settlement date: | April 18
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4%
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Cusip: | 22550WMQ7
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