Published on 7/3/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $538,000 9.25% contingent coupon autocalls tied to three stocks
By Susanna Moon
Chicago, July 3 – Credit Suisse AG, London Branch priced $538,000 of contingent coupon autocallable yield notes due June 28, 2019 linked to the least performing of the common stocks of Viacom Inc., Kroger Co. and MGM Resorts International, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.25% if each underlying 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 review date.
The payout at maturity will be par unless any stock closes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the worst performing stock.
Incapital 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 assets: | Viacom Inc. (Symbol: VIAB), Kroger Co. (Symbol: KR) and MGM Resorts International (Symbol: MGM)
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| Amount: | $538,000
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| Maturity: | June 28, 2019
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| Coupon: | 9.25% 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 closes below 60% knock-in level, in which case 1% loss per 1% decline of worst performing stock
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| Call: | At par if each asset closes at or above its initial level on any review date
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| Initial levels: | $29.69 for Viacom, $29.00 for Kroger and $29.16 for MGM
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| Trigger levels: | $17.814 for Viacom, $17.40 for Kroger and $17.496 for MGM, 60% of initial levels
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| Pricing date: | June 26
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| Settlement date: | June 29
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22550WX28
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