Published on 7/21/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $13.55 million autocallable contingent income notes on Amazon
New York, July 21 – Credit Suisse AG priced $13.55 million of autocallable contingent income securities due July 17, 2020 linked to the common stock of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.25% if the stock closes at or above the coupon barrier level, 80% of the initial level, on the determination date for that quarter.
The notes will be called at par plus the coupon if the stock closes at or above the initial price on any quarterly observation date other than the final one.
If the notes are not called and the stock finishes at or above the 80% downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% decline.
Credit Suisse Securities (USA) LLC is the underwriter and Morgan Stanley Smith Barney LLC is the distributor.
| Issuer: | Credit Suisse AG
|
| Issue: | Autocallable contingent income barrier notes
|
| Underlying stock: | Amazon.com, Inc.
|
| Amount: | $13,551,750
|
| Maturity: | July 17, 2020
|
| Coupon: | 8.25%, payable quarterly if stock closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If stock finishes at or above 80% downside threshold level, par plus final coupon; otherwise, 1% loss for each 1% decline
|
| Initial level: | $1,001.81
|
| Coupon barrier level: | $801.45, 80% of initial price
|
| Downside threshold level: | $801.45, 80% of initial price
|
| Pricing date: | July 14
|
| Settlement date: | July 19
|
| Agent: | Credit Suisse Securities (USA) LLC, Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 2.5%
|
| Cusip: | 22549C527
|
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