Published on 7/21/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $700,000 autocallable yield notes on three stocks
By Devika Patel
Knoxville, Tenn., July 21 – Credit Suisse AG, London Branch priced $700,000 of 12.5% autocallable yield notes due July 24, 2020 linked to the common stocks of Chesapeake Energy Corp., Hess Corp. and Marathon Oil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any quarterly review date beginning on Oct. 19, 2017 and ending on April 21, 2020.
The payout at maturity will be par unless any stock finishes below its 50% 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: | Chesapeake Energy Corp., Hess Corp. and Marathon Oil Corp.
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| Amount: | $700,000
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| Maturity: | July 24, 2020
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| Coupon: | 12.5%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its 50% 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
|
| Call: | Automatically at par if stocks close at or above their initial levels on any quarterly review date beginning on Oct. 19, 2017 and ending on April 21, 2020
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| Initial share prices: | $4.76 for Chesapeake, $43.360 for Hess and $11.68 for Marathon
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| Knock-in levels: | $2.38 for Chesapeake, $21.68 for Hess and $5.84 for Marathon, 50% of initial levels
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| Pricing date: | July 19
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| Settlement date: | July 24
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22549JJJ0
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