Published on 2/20/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $14.97 million contingent income autocalls on two stocks
By Sarah Lizee
Olympia, Wash., Feb. 20 – Credit Suisse AG, London Branch priced $14.97 million of autocallable contingent income securities due Feb. 17, 2023 linked to the common stocks of BlackRock, Inc. and Blackstone Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9.6% per year if each stock closes at or above its coupon barrier, 65% of its initial share price, on each day during that quarter.
The notes will be automatically called at par of $10 plus the contingent coupon if both stocks close at or above their initial share prices on any quarterly observation date.
If each stock finishes at or above its downside threshold level, 65% of its initial level, the payout at maturity will be par plus the final contingent coupon, if applicable. If either stock finishes below its downside threshold level, investors will lose 1% for every 1% that the lesser-performing stock declines from its initial share price.
Credit Suisse Securities (USA) Inc. is the agent. Morgan Stanley Smith Barney LLC is acting as distributor.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Autocallable contingent income securities
|
Underlying stocks: | BlackRock, Inc. and Blackstone Group Inc.
|
Amount: | $14,969,660
|
Maturity: | Feb. 17, 2023
|
Coupon: | 9.6% per year, payable quarterly if stocks close at or above coupon barrier on each day during that quarter
|
Price: | Par of $10.00
|
Payout at maturity: | If each stock finishes at or above downside threshold level, par plus final contingent coupon, if any; otherwise, 1% loss for every 1% that lesser-performing stock declines from initial share price
|
Call: | Automatically at par plus contingent coupon if each stock closes at or above initial share price on any quarterly observation date
|
Initial share prices: | $565.94 for BlackRock, $62.95 for Blackstone
|
Coupon barriers: | $367.86 for BlackRock, $40.92 for Blackstone, 65% of initial share price
|
Downside thresholds: | $367.86 for BlackRock, $40.92 for Blackstone, 65% of initial share price
|
Pricing date: | Feb. 14
|
Settlement date: | Feb. 20
|
Agent: | Credit Suisse Securities (USA) Inc.
|
Distributor: | Morgan Stanley Smith Barney LLC
|
Fees: | 2.5%
|
Cusip: | 22550V133
|
|
© 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.