Published on 7/6/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.08 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 6 – Credit Suisse AG, London Branch priced $1.08 million of contingent coupon autocallable yield notes due June 29, 2022 linked to the least performing of the class C capital stocks of Alphabet Inc. and the common stocks of Goldman Sachs Group Inc. and Exxon Mobil Corp., 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 stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
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: | Alphabet Inc., Goldman Sachs Group Inc. and Exxon Mobil Corp.
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Amount: | $1,075,000
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Maturity: | June 29, 2022
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Coupon: | 8% per year, payable quarterly if each stock 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 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 initial level on any quarterly trigger observation date after six months
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Initial prices: | $1,155.48 for Alphabet, $226.02 for Goldman Sachs, $81.38 for Exxon Mobil
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Coupon barriers: | $808.836 for Alphabet, $158.214 for Goldman Sachs, $56.966 for Exxon Mobil; 70% of initial levels
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Knock-in levels: | $693.288 for Alphabet, $135.612 for Goldman Sachs, $48.828 for Exxon Mobil; 60% of initial levels
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Pricing date: | June 22
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Settlement date: | June 29
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 22550WXV4
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