Published on 7/31/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $9.84 million contingent income autocallables linked to Apple, Nvidia
By Wendy Van Sickle
Columbus, Ohio, July 31 – Credit Suisse AG priced $9.84 million of autocallable contingent income securities due July 25, 2019 linked to the common stocks of Nvidia Corp. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if each stock closes at or above its 65% coupon barrier on the related observation date.
The notes will be called at par of $10 plus the contingent coupon if each stock closes at or above its initial share price on any observation date.
The payout at maturity will be par plus the contingent coupon unless either stock finishes below its 65% downside threshold, in which case investors will be fully exposed to any losses of the laggard stock.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is handling distribution.
| Issuer: | Credit Suisse AG
|
| Issue: | Autocallable contingent income securities
|
| Underlying stocks: | Nvidia Corp. and Apple Inc.
|
| Amount: | $9,841,000
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| Maturity: | July 25, 2019
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| Coupon: | 11% per year, payable quarterly if each stock closes at or above coupon barrier on determination date
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, full exposure to decline of laggard stock
|
| Call: | At par if each stock closes at or above initial level on any determination date
|
| Initial share prices: | $191.44 for Apple, $250.89 for Nvidi
|
| Coupon barriers: | $124.44 for Apple, $163.08 for Nvidia; 65% of initial share prices
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| Downside thresholds: | $124.44 for Apple, $163.08 for Nvidia; 65% of initial share prices
|
| Pricing date: | July 20
|
| Settlement date: | July 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distribution: | Morgan Stanley Wealth Management
|
| Fees: | 1.75%
|
| Cusip: | 22549M871
|
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