Published on 3/21/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $704,000 of 11.25% contingent coupon autocallables on three stocks
New York, March 21 – Credit Suisse AG, London Branch priced $704,000 of contingent coupon autocallable yield notes due March 15, 2021 linked to the lowest performing of the common stocks of American Airlines Group Inc., Walt Disney Co. and MGM Resorts International, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11.25% if each stock closes at or above its 50% coupon barrier on the observation date for that month.
Starting Sept. 17, 2018, the notes will be called automatically at par on any quarterly trigger observation date that each underlying stock closes at or above its initial level.
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 worst performing stock.
Credit Suisse Securities (USA) LLC is the underwriter and Incapital is the distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stocks: | American Airlines Group Inc., Walt Disney Co. and MGM Resorts International
|
| Amount: | $704,000
|
| Maturity: | March 15, 2021
|
| Coupon: | 11.25% annualized, payable monthly if each stock closes at or above its 50% coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock ends below 50% knock-in level, in which full exposure to losses of worst performing stock
|
| Call option: | Automatically at par quarterly beginning Sept. 17, 2018 if each underlying stock closes at or above its initial level
|
| Initial levels: | $56.07 for American Airlines, $104.73 for Disney, $36.79 for MGM Resorts
|
| Coupon barriers: | $28.035 for American Airlines, $52.365 for Disney, $18.395 for MGM Resorts; 50% of initial levels
|
| Knock-in levels: | $28.035 for American Airlines, $52.365 for Disney, $18.395 for MGM Resorts; 50% of initial levels
|
| Pricing date: | March 9
|
| Settlement date: | March 14
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Distributor: | Incapital
|
| Fees: | 0.34%
|
| Cusip: | 22550WHW0
|
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