Published on 10/29/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $6.26 million contingent income autocalls on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 29 – Credit Suisse AG, London Branch priced $6.26 million of contingent income autocallable securities due Oct. 22, 2021 linked to Apple Inc., Amazon.com, Inc. and Facebook, Inc. stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.85% if each underlying stock closes at or above the 50% downside threshold on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any determination date other than the final date.
The payout at maturity will be par unless the lowest performing stock finishes below its 50% downside threshold, in which case investors will lose 1% for each 1% decline of the laggard stock.
Credit Suisse Securities (USA) LLC is the agent with Morgan Stanley Smith Barney LLC as distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Amazon.com, Inc., Apple Inc. and Facebook, Inc.
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| Amount: | $6.26 million
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| Maturity: | Oct. 22, 2021
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| Coupon: | 8.85% annualized, payable quarterly if each stock closes at or above 50% coupon barrier on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing stock
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| Call: | At par if the stock closes at or above its initial level on any determination date other than the final date
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| Initial levels: | $1,664.20 for Amazon.com, $215.09 for Apple, $146.04 for Facebook
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| Downside thresholds: | $832.10 for Amazon.com, $107.55 for Apple, $7302 for Facebook, 50% of initial level
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| Pricing date: | Oct. 24
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| Settlement date: | Oct. 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distributor: | Morgan Stanley Smith Barney LLC
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| Fees: | 2.5%
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| Cusip: | 22549R664
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