Published on 9/9/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $750,000 contingent coupon autocallables linked to Apple, Boeing
By Angela McDaniels
Tacoma, Wash., Sept. 9 – Credit Suisse AG, London Branch priced $750,000 of contingent coupon autocallable yield notes due Sept. 10, 2021 linked to the lesser performing of the common stocks of Apple Inc. and Boeing Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 11.2% per year if each stock closes at or above its coupon barrier level, 50% of its initial share price, on the observation date for that quarter.
Beginning March 5, 2020, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless either stock finishes below its knock-in price, 60% of its initial share price, in which case investors will be exposed to the decline of the lesser-performing stock from its initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Apple Inc. (Symbol: AAPL) and Boeing Co. (Symbol: BA)
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| Amount: | $750,000
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| Maturity: | Sept. 10, 2021
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 11.2% per year unless either stock closes below coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either stock finishes below knock-in price, in which case exposure to decline of lesser-performing stock from initial share price
|
| Call: | Beginning March 5, 2020, automatically at par if each stock closes at or above initial share price on any quarterly observation date
|
| Initial share prices: | $209.19 for Apple and $356.53 for Boeing (closing share prices on Sept. 4)
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| Knock-in prices: | $125.514 for Apple and $213.918 for Boeing, or 60% of initial share prices
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| Coupon barriers: | $104.595 for Apple and $178.265 for Boeing, or 50% of initial share prices
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| Pricing date: | Sept. 5
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| Settlement date: | Sept. 10
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.55%
|
| Cusip: | 22552FWR9
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