Published on 11/21/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.53 million 9.65% contingent coupon autocalls on tech stocks
By Susanna Moon
Chicago, Nov. 25 – Credit Suisse AG, London Branch priced $1.53 million of contingent coupon autocallable yield notes due Nov. 8, 2021 linked to the least performing of the common stocks of Amazon.com Inc., Alphabet, Inc. 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 9.65% if each underlying stock closes at or above its 50% coupon barrier 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 review date.
The payout at maturity will be par unless any stock closes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the worst performing stock.
Credit Suisse Securities (USA) LLC is the underwriter.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying assets: | Amazon.com Inc. (Symbol: AMZN), Alphabet, Inc. (Symbol: GOOG) and Apple Inc. (Symbol: AAPL)
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Amount: | $1,525,000
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Maturity: | Nov. 8, 2021
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Coupon: | 9.65% annualized, payable quarterly if each stock closes at or above 50% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below 50% knock-in, in which case 1% loss per 1% decline of worst performing stock
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Call: | At par if each stock closes at or above initial level on any quarterly observation date beginning May 1, 2019
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Initial levels: | $1,665.53 for Amazon, $1,070 for Alphabet and $222.22 for Apple
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Knock-in levels: | $832.765 for Amazon, $535 for Alphabet and $111.11 for Apple, 50% of initial levels
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Pricing date: | Nov. 1
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Settlement date: | Nov. 6
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 22551LK82
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