Published on 12/5/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.95 million autocallable securities on four stocks
By Taylor Fox
New York, Dec. 7 – Credit Suisse AG, London Branch priced $2.95 million of 0% autocallable securities due Nov. 30, 2023 linked to the lowest performing of the stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annual redemption premium of 12.5% the lesser-performing stock closes at or above its initial level on the first annual observation date and above 80% of its initial level on the second annual observation date.
If the notes are not called and the final level of each stock is equal to or greater than 60% of its initial level, the payout at maturity will be par plus 37.5%.
If the final level of any index is less than its knock-in level, investors will lose 1% for each 1% decline of the lesser performing index from its initial level.
The agent is Incapital LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
|
| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
|
| Amount: | $2,948,000
|
| Maturity: | Nov. 30, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If lesser-performing index is equal to or greater than knock-in level, par plus 37.5%; otherwise, 1% loss for each 1% decline of lesser-performing index
|
| Call: | Automatically at par plus annualized redemption premium of 12.5% if each index closes at or above its initial level on first annual observation date or above 80% of initial level on second annual observation date
|
| Initial levels: | $115.17 for Apple, $3,118.06 for Amazon, $1,768.88 for Alphabet and $482.88 for Netflix
|
| Knock-in levels: | $69.102 for Apple, $1,870.836 for Amazon, $1,061.328 for Alphabet and $289.728 for Netflix; 60% of initial levels
|
| Pricing date: | Nov. 24
|
| Settlement date: | Nov. 30
|
| Agent: | Incapital LLC
|
| Fees: | 3.5%
|
| Cusip: | 22552WSA4
|
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