Published on 10/27/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.63 million of 17.25% autocallable yield notes on ETF, Seabridge
By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – Credit Suisse AG, London Branch priced $1.63 million of 17.25% autocallable yield notes due April 28, 2017 linked to the lesser performing of Seabridge Gold Inc. common shares and the Market Vectors Junior Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if both assets close at or above their initial share prices on Jan. 25, 2017, Feb. 23, 2017 or March 23, 2017.
The payout at maturity will be par unless either asset ever closes at or below the knock-in price, 75% of the initial share price, during the life of the notes and either asset finishes below the initial share price, in which case investors will receive a number of shares of the lesser performing asset equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable reverse convertible securities
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| Underlying assets: | Seabridge Gold Inc. shares and Market Vectors Junior Gold Miners exchange-traded fund
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| Amount: | $1.63 million
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| Maturity: | April 28, 2017
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless either asset closes at or below knock-in price during life of the notes and either finishes below initial share price, in which case a number of shares of the lesser performing asset equal to $1,000 divided by the initial share price or cash equivalent
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| Call: | At par if both assets close at or above initial share price on Jan. 25, 2017, Feb. 23, 2017 or March 23, 2017
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| Initial levels: | $40.66 for ETF, $11.00 for Seabridge
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| Knock-in prices: | $30.495 for ETF, $8.25 for Seabridge, 75% of initial share price
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| Pricing date: | Oct. 25
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| Settlement date: | Oct. 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22549JCT5
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