Published on 12/29/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.15 million 8.25% contingent coupon autocalls on stock, funds
By Susanna Moon
Chicago, Dec. 29 – Credit Suisse AG, London branch priced $1.15 million of contingent coupon autocallable yield notes due Dec. 28, 2020 linked to the least performing of the common stock of AT&T, Inc., the United States Natural Gas Fund, LP and the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 8.25% if each underlying component closes at or above its 52% coupon barrier on the observation date for that quarter.
The notes will be called at par if each component closes at or above its initial level on any observation date.
The payout at maturity will be par unless any component finishes below its 52% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock or fund.
Credit Suisse Securities (USA) LLC is the underwriter.
| Issuer: | Credit Suisse AG, London branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying assets: | AT&T, Inc. (Symbol: T), United States Natural Gas Fund, LP, VanEck Vectors Gold Miners ETF
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| Amount: | $1,147,000
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| Maturity: | Dec. 28, 2020
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| Coupon: | 8.25% annualized, payable quarterly if each component closes at or above 52% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any component finishes below 52% trigger, in which case 1% loss per 1% decline of worst performing index
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| Call: | At par if each component closes at or above initial level on any observation date
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| Initial levels: | $38.05 for stock, $5.36 for gas fund, $22.13 for gold fund
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| Trigger levels: | $19.786 for stock, $2.7872 for gas fund, $11.5076 for gold fund; 52% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Underwriter: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22550W2Q9
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