Published on 7/18/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $930,000 15% autocallable yield notes linked to vice stocks
By Angela McDaniels
Tacoma, Wash., July 18 – Credit Suisse AG, London Branch priced $930,000 of 15% autocallable yield notes due July 19, 2017 linked to the common stock of Philip Morris International Inc., the common stock of Sturm, Ruger & Co., Inc., the class A common stock of Constellation Brands, Inc. and the common stock of Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Beginning Oct. 14, the notes will be automatically redeemed at par if each stock closes at or above its initial share price on any monthly trigger observation date.
The payout at maturity will be par unless any stock finishes below its knock-in level, 70% of its initial share price, in which case investors will receive a number of shares of the lowest-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, an amount in cash 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: | Autocallable yield notes
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| Underlying stocks: | Philip Morris International Inc. (Symbol: PM), Sturm, Ruger & Co., Inc. (Symbol: RGR), Constellation Brands, Inc. (Symbol: STZ) and Wynn Resorts, Ltd. (Symbol: WYNN)
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| Amount: | $930,000
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| Maturity: | July 19, 2017
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| Coupon: | 15%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case number of shares of lowest-performing stock equal to $1,000 divided by that stock’s initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Call: | Beginning Oct. 14, automatically at par if each stock closes at or above initial share price on any monthly trigger observation date
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| Initial share prices: | $103.19 for Philip Morris, $67.53 for Sturm Ruger, $162.91 for Constellation and $92.02 for Wynn
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| Knock-in level: | $72.233 for Philip Morris, $47.271 for Sturm Ruger, $114.037 for Constellation and $64.414 for Wynn; 70% of initial share prices
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| Pricing date: | July 14
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| Settlement date: | July 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JAV2
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