Published on 12/18/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3 million contingent coupon autocallable yield notes on stocks
By Taylor Fox
New York, Dec. 18 – Credit Suisse AG, London Branch priced $3 million of contingent coupon autocallable yield notes due Dec. 18, 2023 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc., Alphabet Inc. and Microsoft Corp.
The notes will pay a quarterly contingent coupon at an annual rate of 9.15% if each stock closes at or above its coupon barrier, 60% of its initial price, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial price on any quarterly trigger observation date starting on June 11.
The payout at maturity will be par unless any stock finishes below its 60% knock-in price, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Apple Inc., Alphabet Inc. and Microsoft Corp.
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Amount: | $3,002,000
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Maturity: | Dec. 18, 2023
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Coupon: | 9.15% per year, payable quarterly if each stock closes at or above its coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below its knock-in price, in which case full exposure to the losses of the least-performing stock
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Call: | Automatically at par if each stock closes at or above initial price on any quarterly trigger observation date starting on June 11
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Initial prices: | $122.41 for Apple, $1,781.77 for Alphabet and $213.26 for Microsoft
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Coupon barriers: | $73.446 for Apple, $1,069.062 for Alphabet and $127.956 for Microsoft, 60% of initial prices
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Knock-in prices: | $73.446 for Apple, $1,069.062 for Alphabet and $127.956 for Microsoft, 60% of initial prices
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Pricing date: | Dec. 11
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Settlement date: | Dec. 16
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.5%
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Cusip: | 22552WX75
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