Published on 8/8/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon callable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 8 – Credit Suisse AG, London Branch priced $1 million of contingent coupon callable yield notes due July 31, 2019 linked to the common stocks of Kroger Co., Valero Energy Corp. and Netflix, Inc., according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of 10% per year unless any stock closes below its 50% coupon barrier on the observation date that month.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
The notes will be callable at par on any quarterly call date beginning in October.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | Kroger Co., Valero Energy Corp. and Netflix, Inc.
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| Amount: | $1 million
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| Maturity: | July 31, 2019
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| Coupon: | 10% per year, payable monthly unless any stock closes below coupon barrier on observation date that month
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case 1% loss for each 1% decline of worst performing stock
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| Call option: | At par on any quarterly call date after three months
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| Initial levels: | $23.72 for Kroger, $67.99 for Valero, $189.08 for Netflix
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| Coupon barriers: | $11.86 for Kroger, $33.995 for Valero, $94.54 for Netflix; 50% of initial levels
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| Knock-in levels: | $11.86 for Kroger, $33.995 for Valero, $94.54 for Netflix; 50% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Agent: | Incapital LLC
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| Fees: | 3.25%
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| Cusip: | 22550BCA9
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