Published on 2/15/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.77 million contingent coupon autocallables linked to BofA
By Susanna Moon
Chicago, Feb. 15 – Credit Suisse AG, London Branch priced $1.77 million of contingent coupon autocallable yield notes due Feb. 28, 2018 linked to Bank of America Corp. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if the stock closes at or above the coupon barrier level, about 73% of the initial share price, on an observation date for that quarter.
The notes will be redeemed at par plus the contingent payment if the stock closes at or above the initial level on any review date.
The payout at maturity will be par unless the stock finishes below its 73% knock-in level, in which case investors will be fully exposed to any losses.
J.P. Morgan Securities 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 stock: | Bank of America Corp. (Symbol: BAC)
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| Amount: | $1,767,000
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| Maturity: | Feb. 28, 2018
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| Contingent payment: | 10% per year, payable quarterly if Bank of America stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par, unless share price finishes below knock-in price, in which case 1% loss for each 1% decline
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| Call: | At par plus contingent payment if closing share price is greater than or equal to initial share price on May 25, 2017, Aug. 24, 2017 or Nov. 22, 2017
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| Initial share price: | $23.08
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| Knock-in level: | $16.85, 73% of initial level
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 15
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| Agents: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 22548QVB8
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