Published on 4/23/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $800,000 contingent coupon autocallable yield notes on BofA
By Tali Rackner
Minneapolis, April 23 – Credit Suisse AG, London Branch priced $800,000 of contingent coupon autocallable yield notes due May 2, 2019 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter the notes will pay a contingent coupon at an annual rate of 10% if the stock closes at or above the coupon barrier, 74.5% of the initial level, for that quarter.
The notes will be called at par plus the contingent coupon if stock closes at or above its initial price on July 26, Oct. 25 or Jan. 24, 2019.
The payout at maturity will be par unless the shares close below the 74.5% knock-in level, in which case investors will receive a number of Bank of America shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
J.P. Morgan 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: | $800,000
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Maturity: | May 2, 2019
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Contingent payment: | 10% per year, payable quarterly if 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 stock falls below knock-in level, in which case a number of Bank of America shares equal to $1,000 divided by the initial share price
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Call: | Automatically at par plus contingent payment if stock closes at or above initial price on July 26, Oct. 25 or Jan. 24, 2019
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Initial price: | $29.80
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Coupon barrier/knock-in level: | $22.20, 74.5% of initial price
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Pricing date: | April 13
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Settlement date: | April 18
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Agent: | J.P. Morgan
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Fees: | 1%
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Cusip: | 22550WPG6
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