Published on 11/15/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $250,000 10.5% autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 15 – Credit Suisse AG, London Branch priced $250,000 of 10.5% autocallable yield notes due Nov. 16, 2020 linked to the common stocks of Apple Inc., Facebook, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if each stock closes at or above its initial level on any quarterly review date beginning on May 10, 2019.
The payout at maturity will be par unless any stock finishes below its 65% knock-in level, in which case investors will receive a number of shares of the worst performing stock equal to the principal divided by the initial share price or, at the company’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable yield notes
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| Underlying stocks: | Apple Inc., Facebook, Inc. and Alphabet Inc.
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| Amount: | $250,000
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| Maturity: | Nov. 16, 2020
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| Coupon: | 10.5%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its 65% knock-in level, in which case a number of shares of the worst performing stock equal to the principal divided by the initial share price or the cash equivalent
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| Call: | Automatically at par if stocks close at or above their initial levels on any quarterly review date beginning on May 10, 2019
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| Initial share prices: | $208.39 for Apple, $147.87 for Facebook and $1,082.40 for Alphabet
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| Knock-in levels: | $135.5185 for Apple, $96.1155 for Facebook and $703.56 for Alphabet, 65% of initial levels
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| Pricing date: | Nov. 9
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| Settlement date: | Nov. 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.625%
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| Cusip: | 22551LKY5
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