Published on 8/26/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $495,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 26 – Credit Suisse AG, London Branch priced $495,000 of contingent coupon autocallable yield notes due Aug. 28, 2023 linked to the lowest performing of the stocks of UMB Financial Corp, U.S. Bancorp and Fifth Third Bancorp, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 13% 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 plus the coupon if each stock closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par plus any coupon 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.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | UMB Financial Corp, U.S. Bancorp and Fifth Third Bancorp
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| Amount: | $495,000
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| Maturity: | Aug. 28, 2023
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| Coupon: | 13% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon 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 plus coupon if each stock closes at or above its initial level on any quarterly call date after one year
|
| Initial levels: | $19.56 for Fifth Third, $35.21 for U.S. Bancorp, $52.75 for UMB
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| Coupon barriers: | $11.736 for Fifth Third, $21.126 for U.S. Bancorp, $31.65 for UMB, 60% of initial levels
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| Knock-in levels: | $11.736 for Fifth Third, $21.126 for U.S. Bancorp, $31.65 for UMB, 60% of initial levels
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| Pricing date: | Aug. 21
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| Settlement date: | Aug. 26
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| Agent: | Incapital LLC
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| Fees: | 3.5%
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| Cusip: | 22552WFZ3
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