Published on 5/4/2018 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.01 million 11.5% contingent coupon autocalls tied to four stocks
By Susanna Moon
Chicago, May 4 – Credit Suisse AG, London Branch priced $2.01 million of contingent coupon autocallable yield notes due April 30, 2019 linked to the least performing of the common stocks of American Airlines Group Inc., Deere & Co. and Intel 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 11.5% if each underlying stock closes at or above its 60% 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 60% knock-in level, in which case investors will be fully exposed to any losses of the worst performing stock.
Incapital 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: | American Airlines Group Inc. (Symbol: AAL), Deere & Co. (Symbol: DE) and Intel Corp. (Symbol: INTC)
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| Amount: | $2,008,000
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| Maturity: | April 30, 2019
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| Coupon: | 11.5% annualized, payable quarterly if each stock closes at or above 60% 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 closes below 60% knock-in level, 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 its initial level on any review date beginning Oct. 16, 2018
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| Initial levels: | $45.25 for American, $138.00 for Deere and $51.38 for Intel
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| Barrier levels: | $27.15 for American, $82.80 for Deere and $30.828 for Intel, 60% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Incapital LLC
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| Fees: | 26%
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| Cusip: | 22550WMW4
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