Published on 1/2/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.11 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 2 – Credit Suisse AG, London Branch priced $4.11 million of contingent coupon autocallable yield notes due Dec. 28, 2020 linked to the least performing of the common stocks of Delta Air Lines, Inc., Home Depot, Inc., Intel Corp. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 9.55% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above 95% of its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
Incapital 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: | Delta Air Lines, Inc., Home Depot, Inc., Intel Corp. and Microsoft Corp.
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Amount: | $4,109,000
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Maturity: | Dec. 28, 2019
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Coupon: | 9.55% per year, payable monthly if each stock closes at or above its barrier level on monthly observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least-performing stock
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Call: | Automatically if each stock closes at or above 95% of initial level on any quarterly trigger observation date
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Initial prices: | $56.03 for Delta, $188.08 for Home Depot, $46.76 for Intel, $85.50 for Microsoft
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Barrier/knock-in prices: | $33.618 for Delta, $112.848 for Home Depot, $28.056 for Intel, $51.30 for Microsoft; 60% of initial levels
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Pricing date: | Dec. 21
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Settlement date: | Dec. 27
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Agent: | Incapital LLC
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Fees: | 3.9%
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Cusip: | 22550BSD6
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