Published on 5/20/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $550,000 contingent coupon autocallables on Apple, Skyworks
By Marisa Wong
Morgantown, W.Va., May 20 – Credit Suisse AG, London Branch priced $550,000 of contingent coupon autocallable yield notes due May 18, 2017 linked to the common stocks of Apple Inc. and Skyworks Solutions, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annual rate of 13.25% if each stock closes at or above 70% 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 monthly observation date on or after Aug. 15, 2016.
The payout at maturity will be par unless either stock closes below its knock-in level, 70% of its initial level, in which case the payout will be a number of shares of the lowest performing stock equal to $1,000 divided by the initial price of that stock.
Credit Suisse Securities (USA) LLC is the agent. 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: | Apple Inc. (Symbol: AAPL) and Skyworks Solutions, Inc. (Symbol: SWKS)
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| Amount: | $550,000
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| Maturity: | May 18, 2017
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| Contingent payment: | 13.25% per year, payable monthly if each stock closes at or above coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | If final share price of each stock is greater than or equal to knock-in level, par; otherwise, number of shares of the lowest performing stock equal to $1,000 divided by the initial price of that stock
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| Call: | Automatically at par plus contingent payment if closing share price of each stock is greater than or equal to initial share price on any monthly observation date on or after Aug. 15, 2016
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| Initial share price: | $90.34 for Apple and $61.66 for Skyworks
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| Knock-in level: | $63.238 for Apple and $43.162 for Skyworks, 70% of initial share prices
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| Pricing date: | May 13
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| Settlement date: | May 18
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.83%
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| Cusip: | 22548Q6H3
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