Published on 12/7/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5 million 25.25% contingent coupon callables on five tech stocks
By Susanna Moon
Chicago, Dec. 7 – Credit Suisse AG, London Branch priced $5 million of contingent coupon callable yield notes due Nov. 22, 2021 linked to the least performing of the common stocks of Apple Inc., Amazon.com Inc., Facebook, Inc., Alphabet, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 25.25% if each underlying stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable at par on any call review date 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 callable 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 Microsoft Corp. (Symbol: MSFT)
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| Amount: | $5 million
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| Maturity: | Nov. 22, 2021
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| Coupon: | 25.25% 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 finishes below 50% knock-in, in which case 1% loss per 1% decline of worst performing stock
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| Call option: | At par on any call review date beginning May 20, 2019
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| Initial levels: | $186.80 for Apple, $1,599.01 for Amazon, $144.22 for Facebook, $1,054.58 for Alphabet and $104.97 for Microsoft
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| Knock-in levels: | $130.76 for Apple, $1,119.307 for Amazon, $100.954 for Facebook, $738.206 for Alphabet and $73.479 for Microsoft, 70% of initial levels
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| Strike date: | Nov. 14
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 23
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22551LLC2
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