Published on 10/24/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.22 million contingent coupon autocallable yield notes on five stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 24 – Credit Suisse AG, London Branch priced $2.22 million of contingent coupon autocallable yield notes due Oct. 22, 2021 linked to the lowest performing of the common stocks of Bank of America Corp., Goldman Sachs Group, Inc., Apple Inc., Microsoft Corp. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 15.35% if each stock closes above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes will automatically be called at par if each stock closes above its initial level on any observation date.
The payout at maturity will be par unless any stock finishes below its knock-in level, 70% of its initial level, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
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: | Bank of America Corp., Goldman Sachs Group, Inc., Apple Inc., Microsoft Corp. and Visa Inc.
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| Amount: | $2,223,000
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| Maturity: | Oct. 22, 2021
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| Coupon: | 15.35% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to any losses of least performing stock
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| Call: | At par if each stock closes above initial level on any quarterly observation date
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| Initial prices: | $28.90 for BofA, $221.19 for Goldman, $228.28 for Apple, $110.71 for Microsoft and $142.45 for Visa
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| Coupon barrier/knock-in levels: | $20.23 for BofA, $154.833 for Goldman, $159.796 for Apple, $77.497 for Microsoft and $99.715 for Visa, 70% of initial levels
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| Pricing date: | Oct. 17
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| Settlement date: | Oct. 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22551LFC9
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