Published on 5/5/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $4.25 million contingent coupon autocallable notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, May 5 – Credit Suisse AG, London Branch priced $4.25 million of contingent coupon autocallable yield notes due May 9, 2019 linked to the lowest performing of the common stock of Priceline Group Inc., Netflix, Inc. and Nucor 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 16.6% if each stock closes at or above its barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either stock finishes below its barrier, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Credit Suisse Securities (USA) LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Priceline Group Inc., Netflix, Inc. and Nucor Corp.
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| Amount: | $4.25 million
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| Maturity: | May 9, 2019
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| Coupon: | 16.6% per year, payable quarterly if each stock closes at or above its barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus unless any stock finishes below its barrier level, in which case full exposure to loss of least-performing stock
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| Call: | Automatically if each stock closes at or above its initial level on any quarterly call observation date
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| Initial prices: | $1,880.52 for Priceline, $156.45 for Netflix, $61.70 for Nucor
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| Barrier prices: | $1,316.364 for Priceline, $109.515 for Netflix, $43.19 for Nucor, 70% of initial levels
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| Pricing date: | May 2
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| Settlement date: | May 9
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.6%
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| Cusip: | 22550B3F8
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