Published on 12/23/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $555,000 contingent coupon autocallables on four stocks
By Devika Patel
Knoxville, Tenn., Dec. 23 – Credit Suisse AG, London Branch priced $555,000 of contingent coupon autocallable yield notes due Dec. 19, 2017 linked to the common stocks of CVS Health Corp., Nike Inc., Wynn Resorts, Ltd. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 15.25% if each stock closes at or above its barrier level, 70% of its initial level, on the observation date for that month.
The payout at maturity will be par unless any stock finishes below its barrier level, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
The notes will be called at par if all stocks close at or above their respective initial levels on any interest payment date beginning March 20.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlyings: | Common stocks of CVS Health Corp., Nike Inc., Wynn Resorts, Ltd. and Visa Inc.
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| Amount: | $555,000
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| Maturity: | Dec. 19, 2017
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| Coupon: | 15.25% per year, payable monthly if stocks close at or above barrier levels on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier level, in which case a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | Automatically at par if all stocks close at or above their initial levels on any interest payment date beginning March 20
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| Initial level: | $79.84 for CVS, $51.79 for Nike, $88.31 for Wynn, $78.36 for Visa
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| Barrier levels: | $55.888 for CVS, $36.253 for Nike, $61.817 for Wynn, $54.852 for Visa, 70% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 23
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.875%
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| Cusip: | 22549JDL1
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