Published on 5/4/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.5 million 10% contingent coupon autocalls tied to four stocks
By Susanna Moon
Chicago, May 4 – Credit Suisse AG, London Branch priced $1.5 million of contingent coupon autocallable yield notes due April 30, 2021 linked to the least performing of the common stocks of Cisco Systems, Inc., International Business Machines Corp., Intel Corp. and Microsoft 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 10% if each underlying stock closes at or above its 55% 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 underlying stock closes below its 55% 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
|
Issue: | Contingent coupon autocallable yield notes
|
Underlying assets: | Cisco Systems, Inc. (Symbol: CSCO), International Business Machines Corp. (Symbol: IBM), Intel Corp. (Symbol: INTC) and Microsoft Corp. (Symbol: MSFT)
|
Amount: | $1.5 million
|
Maturity: | April 30, 2021
|
Coupon: | 10% annualized, payable quarterly if each stock closes at or above 55% coupon barrier on observation date for that quarter
|
Price: | Par
|
Payout at maturity: | Par unless any stock closes below 55% knock-in level, in which case 1% loss per 1% decline of worst performing stock
|
Call: | At par if each stock closes at or above its initial level on any review date beginning Oct. 16, 2018
|
Initial levels: | $43.71 for Cisco, $145.94 for IBM, $51.38 for Intel and $92.31 for Microsoft
|
Barrier levels: | $24.0405 for Cisco, $80.267 for IBM, $28.259 for Intel and $50.7705 for Microsoft, 55% of initial levels
|
Pricing date: | April 25
|
Settlement date: | April 30
|
Agent: | Credit Suisse Securities (USA) LLC
|
Fees: | 3.5%
|
Cusip: | 22550WQ42
|
|
|
© 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.