Published on 9/19/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.5 million contingent coupon callable yield notes on five stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 19 – Credit Suisse AG, London Branch priced $2.5 million of contingent coupon callable yield notes due Sept. 13, 2021 linked to the lowest performing of the common stocks of Amazon.com, Inc., Facebook, Inc., Apple Inc., Microsoft Corp. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 20.7% if each stock closes above its coupon barrier level, 70% of its initial level, on the observation date for that period.
Starting March 13, 2019, Credit Suisse may call the notes at par on any coupon payment date.
The payout at maturity will be par unless any stock finishes below its knock-in level, 70% of its initial level, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stocks: | Amazon.com, Inc., Facebook, Inc., Alibaba Group Holding Ltd., Microsoft Corp. and Alphabet Inc.
|
| Amount: | $2.5 million
|
| Maturity: | Sept. 13, 2021
|
| Coupon: | 20.7% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to any losses of least performing stock
|
| Call option: | At par on any quarterly call observation date beginning March 13
|
| Initial prices: | $1,952.07 for Amazon, $163.04 for Facebook, $221.30 for Apple, $108.21 for Microsoft and $1,177.59 for Alphabet
|
| Coupon barrier/knock-in levels: | $1,366.449 for Amazon, $114.128 for Facebook, $154.91 for Apple, $75.747 for Microsoft and $824.313 for Alphabet; 70% of initial levels
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 13
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.6%
|
| Cusip: | 22551LB90
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
