Published on 6/4/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.48 million contingent coupon autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, June 4 – Credit Suisse AG, London Branch priced $3.48 million of contingent coupon autocallable yield notes due May 28, 2021 linked to the least performing of the common stocks of General Mills, Inc., Delta Air Lines, Inc., Deere & Co. and Royal Caribbean Cruises Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 12% 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 after six months.
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
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | General Mills, Inc., Delta Air Lines, Inc., Deere & Co. and Royal Caribbean Cruises Ltd.
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| Amount: | $3,481,000
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| Maturity: | May 28, 2021
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| Coupon: | 12% per year, payable monthly if each stock closes at or above its barrier level on observation date
|
| 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 after six months
|
| Initial prices: | $42.20 for General Mills, $54.40 for Delta, $158.18 for Deere, $106.70 for Caribbean
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| Coupon barriers: | $23.21 for General Mills, $29.92 for Delta, $86.999 for Deere, $58.685 for Caribbean; 55% of initial levels
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| Knock-in levels: | $23.21 for General Mills, $29.92 for Delta, $86.999 for Deere, $58.685 for Caribbean; 55% of initial levels
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| Pricing date: | May 24
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| Settlement date: | May 30
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| Agent: | Incapital LLC
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| Fees: | 4.45%
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| Cusip: | 22550WT31
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