Published on 10/30/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.44 million contingent coupon autocalls on stocks
By Sarah Lizee
Olympia, Wash., Oct. 30 – Credit Suisse AG, London Branch priced $4.44 million of contingent coupon autocallable yield notes due Oct. 29, 2021 linked to the least performing of the shares 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 10% 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: | $4,442,000
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Maturity: | Oct. 29, 2021
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Coupon: | 10% per year, payable monthly if each stock closes at or above its barrier level on 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 its initial level on any quarterly trigger observation date
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Initial prices: | $53.28 for Delta, $172.23 for Home Depot, $45.69 for Intel and $106.96 for Microsoft
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Coupon barriers: | $31.968 for Delta, $103.338 for Home Depot, $27.414 for Intel and $64.176 for Microsoft, 60% of initial levels
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Knock-in levels: | $31.968 for Delta, $103.338 for Home Depot, $27.414 for Intel and $64.176 for Microsoft, 60% of initial levels
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Pricing date: | Oct. 26
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Settlement date: | Oct. 30
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Agent: | Incapital LLC
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Fees: | 3.75%
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Cusip: | 22551LE71
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