Published on 11/5/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.98 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 5 – Credit Suisse AG, London Branch priced $1.98 million of contingent coupon autocallable yield notes due Oct. 31, 2022 linked to the lowest performing of the stocks of Costco Wholesale Corp., International Business Machines corp. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 10.6% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses.
Credit Suisse Securities (USA) 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 stocks: | Costco Wholesale Corp., International Business Machines corp. and Morgan Stanley
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| Amount: | $1,981,000
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| Maturity: | Oct. 31, 2022
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| Coupon: | 10.6% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses
|
| Call: | At par if each stock closes above initial level on any quarterly call observation date after six months
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| Initial levels: | $298.94 for Costco, $135.97 for IBM, $46.84 for Morgan Stanley
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| Coupon barrier levels: | $179.364 for Costco, $81.582 for IBM, $28.104 for Morgan Stanley, 60% of initial levels
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| Knock-in levels: | $179.364 for Costco, $81.582 for IBM, $28.104 for Morgan Stanley, 60% of initial levels
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 31
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| Agent: | Incapital LLC
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| Fees: | 3.5%
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| Cusip: | 22552FZP0
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