Published on 2/7/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $870,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 7 – Credit Suisse AG, London Branch priced $870,000 of contingent coupon autocallable yield notes due Feb. 6, 2018 linked to the common stocks of Restoration Hardware Holdings, Inc. and Williams-Sonoma, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 15.75% if each stock closes above its barrier level, 70% of its initial level, on the observation date for that month.
The notes will be automatically called at par plus the contingent coupon if each stock closes above its initial level on any observation date beginning May 3.
The payout at maturity will be par plus unless either stock closes below its 70% barrier level, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price.
Credit Suisse Securities (USA) 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: | Restoration Hardware Holdings, Inc. and Williams-Sonoma, Inc.
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| Amount: | $870,000
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| Maturity: | Feb. 6, 2018
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| Coupon: | 15.75% per year, payable monthly if each stock closes at or above its barrier level for that month
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| Price: | Par
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| Payout at maturity: | Par plus unless either stock closes below its barrier level, in which case a number of shares of the worst-performing stock equal to $1,000 divided by the initial share price
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| Call option: | Automatically if each stock closes at or above its initial level on any monthly observation date beginning May 3
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| Initial prices: | $26.25 for Restoration Hardware, $47.43 for Williams-Sonoma
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| Barrier/knock-in prices: | $18.375 for Restoration Hardware, $33.201 for Williams-Sonoma; 70% of initial levels
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| Pricing date: | Feb. 1
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| Settlement date: | Feb. 6
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JEF3
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