Published on 7/1/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $895,000 contingent coupon autocallables on retail stocks
By Wendy Van Sickle
Columbus, Ohio, July 1 – Credit Suisse AG, London Branch priced $895,000 of contingent coupon autocallable yield notes due June 30, 2017 linked to the common stocks of Restoration Hardware Holdings, Inc. and Williams-Sonoma, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annualized rate of 20.41% if each stock closes at or above its barrier level, 70% of its initial share price, on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any monthly observation date beginning Sept. 27.
The payout at maturity will be par unless either stock finishes below its barrier level, in which case investors will receive a number of shares of the lesser-performing stock equal to $1,000 divided by that stock’s initial share price. The issuer has the option to instead pay cash in an amount equal to the value of those shares.
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: | Restoration Hardware Holdings, Inc. (Symbol: RH) and Williams-Sonoma, Inc. (Symbol: WSM)
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| Amount: | $895,000
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| Maturity: | June 30, 2017
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| Contingent payment: | 20.41% per year, payable monthly if each stock closes at or above barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | If final share price of each stock is greater than or equal to barrier level, par; otherwise, number of shares of the lesser performing stock equal to $1,000 divided by the initial price of that stock, or cash equivalent
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| Call: | Automatically at par if each stock closes above initial level on a monthly observation date beginning Sept. 27
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| Initial share prices: | $25.39 for Restoration, $49.56 for Williams-Sonoma
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| Barrier levels: | $17.773 for Restoration, $34.692 for Williams-Sonoma; 70% of initial share prices
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JAQ3
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