Published on 9/29/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $750,000 contingent coupon autocallables on tech stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – Credit Suisse AG, London Branch priced $750,000 of contingent coupon autocallable yield notes due Sept. 25, 2023 linked to the least performing of the common stocks of Apple Inc., Amazon.com, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 11.1% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger 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 investors will be fully exposed to the losses of the least-performing stock.
Incapital 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: | Apple Inc., Amazon.com, Inc. and Microsoft Corp.
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| Amount: | $750,000
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| Maturity: | Sept. 25, 2023
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| Coupon: | 11.1% per year, payable monthly if each stock closes at or above its coupon barrier level on monthly observation date
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| 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 if each stock closes at or above initial level on any quarterly trigger observation date after six months
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| Initial prices: | $106.84 for Apple, $2,954.91 for Amazon and $200.39 for Microsoft
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| Coupon barriers: | $64.104 for Apple, $1,772.946 for Amazon and $120.234 for Microsoft; 60% of initial levels
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| Knock-in levels: | $64.104 for Apple, $1,772.946 for Amazon and $120.234 for Microsoft; 60% of initial levels
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 23
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| Agent: | Incapital LLC
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| Fees: | 3%
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| Cusip: | 22552WLD5
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