Published on 7/5/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $680,000 contingent coupon autocallable yield notes on Alphabet
By Wendy Van Sickle
Columbus, Ohio, July 5 – Credit Suisse AG, London Branch, priced $680,000 of contingent coupon autocallable yield notes due July 15, 2020 linked to Alphabet Inc. class A common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level, 82.1% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for quarter at a rate of 10% per year.
If the closing share price is greater than or equal to the initial share price on Oct. 10, Jan. 9, 2020 or April 9, 2020, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called, the payout at maturity will be par unless the share price closes below the 82.1% knock-in price, in which case investors will lose 1% for each 1% decline of the stock.
J.P. Morgan Securities LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | Alphabet Inc.
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| Amount: | $680,000
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| Maturity: | July 15, 2020
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| Contingent payment: | 10% per year, payable quarterly if stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par, unless share price closes below 82.1% knock-in price, in which case 1% loss for each 1% decline from initial level
|
| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on Oct. 10, Jan. 9, 2020 or April 9, 2020
|
| Initial share price: | $1,082.80
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| Coupon barrier/knock-in price: | $888.98, 82.1% of initial share price
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| Pricing date: | June 28
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| Settlement date: | July 3
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 22552FLT7
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