Published on 8/9/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $7.6 million contingent coupon autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 9 – Credit Suisse AG, London Branch priced $7.6 million of contingent coupon autocallable yield notes due Aug. 2, 2021 linked to the least performing of the common stocks of Marathon Oil Corp., Raytheon Co., AT&T Inc. and Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 14.3% if each stock closes at or above its coupon barrier, 55% 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 its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 55% 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: | Marathon Oil Corp., Raytheon Co., AT&T Inc. and Twitter, Inc.
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| Amount: | $7,604,000
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| Maturity: | Aug. 2, 2021
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| Coupon: | 14.3% 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
|
| Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date
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| Initial prices: | $21.24 for Marathon, $192.43 for Raytheon, $30.35 for AT&T, $42.94 for Twitter
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| Coupon barriers: | $11.682 for Marathon, $105.8365 for Raytheon, $16.6925 for AT&T, $23.617 for Twitter; 55% of initial levels
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| Knock-in levels: | $11.682 for Marathon, $105.8365 for Raytheon, $16.6925 for AT&T, $23.617 for Twitter; 55% of initial levels
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| Pricing date: | July 26
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| Settlement date: | Aug. 1
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22550BUQ4
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