Published on 12/16/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $850,000 contingent coupon autocallable yield notes on three stocks
By Kiku Steinfeld
Chicago, Dec. 16 – Credit Suisse AG, London Branch priced $850,000 of contingent coupon autocallable yield notes due June 6, 2022 linked to the lowest performing of the stocks of Amazon.com, Inc., Cisco Systems, Inc. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11.75% if each stock closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes above 93% of its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless any stock finishes below its 70% 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: | Amazon.com, Inc., Cisco Systems, Inc., Goldman Sachs Group, Inc.
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| Amount: | $850,000
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| Maturity: | June 6, 2022
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| Coupon: | 11.75% per year, payable quarterly 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
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| Call: | At par plus coupon if each stock closes above 93% of initial level on any quarterly observation date other than final one
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| Initial levels: | $1,800.80 for Amazon, $45.31 for Cisco, $221.35 for Goldman
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| Coupon barrier levels: | $1,260.56 for Amazon, $31.717 for Cisco, $154.945 for Goldman, 70% of initial levels
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| Knock-in levels: | $1,260.56 for Amazon, $31.717 for Cisco, $154.945 for Goldman, 70% of initial levels
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22551NB39
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