Published on 8/16/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.42 million 16.75% contingent coupon autocalls on tech stocks
By Susanna Moon
Chicago, Aug. 16 – Credit Suisse AG, London Branch priced $3.42 million of contingent coupon autocallable yield notes due Aug. 13, 2021 linked to the least performing of the common stocks of Apple Inc., Amazon.com Inc., Facebook, Inc., Alphabet, Inc. and Netflix, 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 16.75% if each underlying stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its 90% call level on any review date.
The payout at maturity will be par unless any stock closes below its 70% 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 assets: | Apple Inc. (Symbol: AAPL), Amazon.com Inc. (Symbol: AMZN), Facebook, Inc. (Symbol: FB), Alphabet, Inc. (Symbol: GOOG) and Netflix, Inc. (Symbol: NFLX)
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| Amount: | $3.42 million
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| Maturity: | Aug. 13, 2021
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| Coupon: | 16.75% annualized, payable quarterly if each stock closes at or above 70% 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 70% knock-in level, in which case 1% loss per 1% decline of worst performing stock
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| Call: | At par if each asset closes at or above its 90% call level on any review date
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| Initial levels: | $207.25 for Apple, $1,886.52 for Amazon, $185.18 for Facebook, $1,245.61 for Alphabet and $347.61 for Netflix
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| Barrier levels: | $145.075 for Apple, $1,320.564 for Amazon, $129.626 for Facebook, $871.927 for Alphabet and $243.327 for Netflix, 70% of initial levels
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| Pricing date: | Aug. 8
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| Settlement date: | Aug. 13
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22551L3C2
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