Published on 7/23/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.05 million contingent coupon autocallable yield notes on AT&T, ETFs
By Wendy Van Sickle
Columbus, Ohio, July 23 – Credit Suisse AG, London Branch priced $1.05 million of contingent coupon autocallable yield notes due July 19, 2021 linked to the least performing of the common shares of AT&T Inc. and the VanEck Vectors Oil Services exchange-traded fund and the SPDR S&P Regional Banking exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8% if each asset closes at or above its coupon barrier, 58% of its initial level, on the observation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any asset finishes below its 58% knock-in level, in which case investors will be fully exposed to any losses of the least-performing asset.
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 assets: | AT&T Inc., SPDR S&P Regional Banking exchange-traded fund, VanEck Vectors Oil Services exchange-traded fund
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Amount: | $1,054,000
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Maturity: | July 19, 2021
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Coupon: | 8% per year, payable quarterly if each asset closes at or above its barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless any asset finishes below its knock-in level, in which case full exposure to any losses of the least-performing asset
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Call: | Automatically at par if each asset closes at or above its initial level on any observation date
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Initial levels: | $60.85 for Banking, $26.31 for VanEck, $31.67 for AT&T
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Barrier levels: | $35.293 for Banking, $15.2598 for VanEck, $18.3686 for AT&T; 58% of initial levels
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Knock-in levels: | $35.293 for Banking, $15.2598 for VanEck, $18.3686 for AT&T; 58% of initial levels
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Pricing date: | July 13
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Settlement date: | July 18
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3%
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Cusip: | 22549JVH0
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