Published on 9/15/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.36 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 15 – Credit Suisse AG, London Branch priced $2.36 million of contingent coupon autocallable yield notes due Sept. 10, 2025 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 Amazon.com, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 16.5% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date starting March 5, 2021.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Apple Inc., Alphabet Inc. and Amazon.com, Inc.
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| Amount: | $2,358,000
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| Maturity: | Sept. 10, 2025
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| Coupon: | 16.5% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least performing stock
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date starting March 5, 2021
|
| Initial prices: | $120.96 for Apple, $1,591.04 for Alphabet, $3,294.62 for Amazon
|
| Coupon barriers: | $67.692 for Apple, $954.624 for Alphabet, $1,976.772 for Amazon; 60% of initial levels
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| Knock-in levels: | $67.692 for Apple, $954.624 for Alphabet, $1,976.772 for Amazon; 60% of initial levels
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| Pricing date: | Sept. 4
|
| Settlement date: | Sept. 10
|
| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0%
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| Cusip: | 22552WJ55
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