Published on 11/14/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $8.38 million contingent coupon autocallable yield notes on stocks
By Taylor Fox
New York, Nov. 16 – Credit Suisse AG, London Branch priced $8.38 million of contingent coupon autocallable yield notes with upper threshold feature due Oct. 23, 2023 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc., Amazon.com, Inc., the class C capital stock of Alphabet Inc. and Netflix, Inc.
The notes will pay a monthly contingent coupon at an annual rate of 10% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date starting April 16, 2021.
The payout at maturity will be par unless each stock finishes below its initial level and any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Incapital LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes with upper threshold feature
|
| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
|
| Amount: | $8,382,000
|
| Maturity: | Oct. 23, 2023
|
| Coupon: | 10% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless each stock finishes below its initial level and any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date starting April 16, 2021
|
| Initial prices: | $119.02 for Apple, $3,272.71 for Amazon, $1,573.01 for Alphabet and $530.79 for Netflix
|
| Coupon barriers: | $71.412 for Apple, $1,963.626 for Amazon, $943.806 for Alphabet and $318.474 for Netflix; 60% of initial levels
|
| Knock-in levels: | $71.412 for Apple, $1,963.626 for Amazon, $943.806 for Alphabet and $318.474 for Netflix; 60% of initial levels
|
| Pricing date: | Oct. 16
|
| Settlement date: | Oct. 21
|
| Agent: | Incapital LLC
|
| Fees: | 3.5%
|
| Cusip: | 22552WNN1
|
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