Published on 10/23/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.24 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 23 – Credit Suisse AG, London Branch priced $1.24 million of contingent coupon autocallable yield notes due Oct. 19, 2021 linked to the least performing of the shares of Facebook, Inc., General Electric Co. and ICU Medical, 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 10.65% if each stock closes at or above its coupon barrier, 50% 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 after six months.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the least-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., General Electric Co. and ICU Medical, Inc.
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| Amount: | $1,235,000
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| Maturity: | Oct. 19, 2021
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| Coupon: | 10.65% 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 after six months
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| Initial prices: | $153.74 for Facebook, $12.32 for General Electric, $265.80 for ICU
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| Coupon barriers: | $76.87 for Facebook, $6.16 for General Electric, $132.90 for ICU; 50% of initial levels
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| Knock-in levels: | $76.87 for Facebook, $6.16 for General Electric, $132.90 for ICU; 50% of initial levels
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| Pricing date: | Oct. 12
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| Settlement date: | Oct. 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 22551LEP1
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