Published on 12/1/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $785,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 1 – Credit Suisse AG, London Branch priced $785,000 of contingent coupon autocallable yield notes due Nov. 30, 2020 linked to the least performing of the common stocks of Bristol-Myers Squibb Co., Wynn Resorts, Ltd. and Norfolk Southern Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 9% if each stock closes at or above its coupon barrier, 50% of its initial level, 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 quarterly trigger observation date.
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 least-performing stock.
Incapital 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: | Bristol-Myers Squibb Co., Wynn Resorts, Ltd. and Norfolk Southern Corp.
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| Amount: | $785,000
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| Maturity: | Nov. 30, 2020
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| Coupon: | 9% per year, payable monthly if each stock closes at or above its barrier level on monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least-performing stock
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| Call: | Automatically if each stock closes at or above its initial level on any quarterly trigger observation date
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| Initial prices: | $61.61 for Bristol-Myers, $158.49 Wynn, $127.48 for Norfolk Southern
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| Barrier/knock-in prices: | $30.805 for Bristol-Myers, $79.245 for Wynn, $63.74 for Norfolk Southern; 50% of initial levels
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| Pricing date: | Nov. 27
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| Settlement date: | Nov. 30
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| Agent: | Incapital LLC
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| Fees: | 3.4%
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| Cusip: | 22549JLP3
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