Published on 2/26/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.78 million contingent coupon autocallables on Boeing, Lowe’s, Southwest
By Wendy Van Sickle
Columbus, Ohio, Feb. 26 – Credit Suisse AG, London Branch priced $1.78 million of contingent coupon autocallable yield notes due Feb. 22, 2021 linked to the least performing of the common stocks of Boeing Co., Lowe’s Cos., Inc. and Southwest Airlines Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 9.1% if each stock closes at or above its coupon barrier, 50% 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 50% 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: | Boeing Co., Lowe’s Cos., Inc. and Southwest Airlines Co.
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Amount: | $1,779,000
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Maturity: | Feb. 22, 2021
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Coupon: | 9.1% per year, payable monthly if each stock closes at or above its barrier level on monthly 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
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Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date after six months
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Initial prices: | $355.04 for Boeing, $96.31 for Lowe’s, $58.27 for Southwest
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Barrier/knock-in prices: | $177.52 for Boeing, $48.155 for Lowe’s, $29.135 for Southwest; 50% of initial levels
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Pricing date: | Feb. 16
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Settlement date: | Feb. 22
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Agent: | Incapital LLC
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Fees: | 3.4%
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Cusip: | 22550WDZ7
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