Published on 12/29/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.36 million 12.85% contingent coupon autocalls tied to stocks
By Susanna Moon
Chicago, Dec. 29 – Credit Suisse AG, London branch priced $1.36 million of contingent coupon autocallable yield notes due June 28, 2019 linked to the lesser performing of the common stocks of Bank of America Corp. and Amazon.com, Inc. and the American depositary shares of Teva Pharmaceutical Industries Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 12.85% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any observation date.
The payout at maturity will be par unless any stock finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Bank of America Corp. (Symbol: BAC), Amazon.com, Inc. (Symbol: AMZN), Teva Pharmaceutical Industries Ltd. (Symbol: TEVA)
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| Amount: | $1.36 million
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| Maturity: | June 28, 2019
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| Coupon: | 12.85% annualized, payable quarterly if each stock closes at or above 60% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below 50% trigger, in which case 1% loss per 1% decline of worst performing index
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| Call: | At par if each stock closes at or above initial level on any observation date
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| Initial levels: | $29.48 for BofA, $1,177.62 for Amazon, $17.45 for Teva
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| Coupon barriers: | $$17.688 for BofA, $706.572 for Amazon, $10.47 for Teva; 60% of initial levels
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| Trigger levels: | $14.74 for BofA, $588.81 for Amazon, $8.725 for Teva; 50% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 28
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| Underwriter: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.75%
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| Cusip: | 22549JNG1
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