Published on 3/9/2016 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $3.51 million contingent coupon autocallables linked to stocks
By Susanna Moon
Chicago, March 9 – Credit Suisse AG, London Branch priced $3.51 million of contingent coupon autocallable yield notes due Sept. 11, 2017 linked to the common stocks of Bank of America Corp., General Electric Co. and PepsiCo, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay contingent monthly coupon at an annualized rate of 6.4% if each stock closes above its coupon barrier level, 50% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any coupon payment date beginning Sept. 2, 2016.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be exposed to the decline of the worst performing stock.
Morgan Stanley & Co. LLC is the distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Bank of America Corp. (Symbol: BAC), General Electric Co. (Symbol: GE) and PepsiCo, Inc. (Symbol: PEP)
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| Amount: | $3,506,000
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| Maturity: | Sept. 11, 2017
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| Coupon: | 6.4% annualized, payable monthly if each stock closes at or above barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case full exposure to decline of worst performing stock
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| Call: | At par if each stock closes at or above its initial level on any coupon payment date beginning Sept. 2, 2016
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| Initial levels: | $13.50 for Bank of America, $30.22 for GE and $99.16 for Pepsi
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| Barrier levels: | $6.75 for Bank of America, $15.11 for GE and $49.58 for Pepsi; 50% of initial levels
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| Pricing date: | March 4
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| Settlement date: | March 11
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| Distributor: | Morgan Stanley & Co. LLC
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| Fees: | 3%
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| Cusip: | 22546VYP5
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