Published on 1/18/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.76 million contingent coupon autocallables tied to stocks
By Tali Rackner
Minneapolis, Jan. 18 – Credit Suisse AG, London Branch priced $4.76 million of contingent coupon autocallable yield notes due Jan. 22, 2020 linked to the least performing of the common stocks of salesforce.com, inc., Microsoft Corp. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 18.6% if each underlying stock closes at or above its coupon barrier level, 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 from April 16, 2018 through Oct. 15, 2019.
The payout at maturity will be par unless any stock finishes below its knock-in level, 70% of the initial level, in which case investors will lose 1% for each 1% decline of the least-performing stock from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | salesforce.com, inc. (Symbol: CRM), Microsoft Corp. (Symbol MSFT) and Nvidia Corp. (Symbol: NVDA)
|
| Amount: | $4,756,000
|
| Maturity: | Jan. 22, 2020
|
| Coupon: | 18.6% per year, payable quarterly if each stock closes at or above its barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case full exposure to the losses of the least-performing stock
|
| Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date from April 16, 2018 through Oct. 15, 2019
|
| Initial prices: | $108.10 for salesforce, $88.19 for Microsoft and $215.40 for Nvidia
|
| Barrier/knock-in prices: | $75.67 for salesforce, $61.733 for Microsoft and $150.78 for Nvidia; 70% of initial levels
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 22
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2%
|
| Cusip: | 22550W5Q6
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
