Published on 7/22/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $925,000 contingent coupon autocallables linked to stocks
By Tali Rackner
Norfolk, Va., July 22 – Credit Suisse AG, London Branch priced $925,000 of contingent coupon autocallable yield notes due July 25, 2017 linked to the common stocks of United Parcel Service, Inc., FedEx Corp., Amazon.com, Inc. and Swift Transportation Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 17% if each stock closes above its barrier level, 70% of its initial level, on the observation date for that month.
The notes will be automatically called at plus the contingent coupon if each stock closes above its initial level on any observation date beginning Oct 20.
The payout at maturity will be par unless any of the stocks closes below its barrier level, in which case investors will receive be a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price, or cash equal to value of those shares.
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: | Class B common stock of United Parcel Service, Inc. (Symbol: UPS), common stock of FedEx Corp. (Symbol: FDX), common stock of Amazon.com, Inc. (Symbol: AMZN) and class A common stock of Swift Transportation Co. (Symbol: SWFT)
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| Amount: | $925,000
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| Maturity: | July 25, 2017
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| Coupon: | Each month, notes pay contingent coupon at rate of 17% per year unless any stock closes below barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier level, in which case number of shares of worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Automatically at par if each stock closes at or above initial share price on any observation date beginning Oct. 20
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| Initial share prices: | $110.59 for UPS, $160.07 for FedEx, $745.72 for Amazon and $17.03 for Swift
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| Barrier levels: | $77.413 for UPS, $112.049 for FedEx, $522.004 for Amazon and $11.921 for Swift; 70% of initial share prices
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| Pricing date: | July 20
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| Settlement date: | July 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.625%
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| Cusip: | 22549JAY6
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| https://www.sec.gov/Archives/edgar/data/1053092/000095010316014985/dp67357_424b2-f249.htm
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