Published on 11/24/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $8.66 million contingent income autocalls on three stocks
By Kiku Steinfeld
Chicago, Nov. 24 – Credit Suisse AG, London Branch priced $8.66 million of autocallable contingent income securities due Nov. 9, 2023 linked to the worst performing of the common stocks of Domino’s Pizza, Inc., Shake Shack Inc. and Chipotle Mexican Grill, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 15.85% if each stock closes at or above its coupon barrier, 50% of its initial level, on every day of that quarter.
The notes will be called at par if each stock closes above its initial level on any quarterly redemption date after six months.
The payout at maturity will be par unless any stock finishes below its 50% downside threshold, in which case investors will be fully exposed to the losses of the least performing stock.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is the distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable contingent income securities
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| Underlying stocks: | Domino’s Pizza, Inc., Shake Shack Inc. and Chipotle Mexican Grill, Inc.
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| Amount: | $8,655,000
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| Maturity: | Nov. 9, 2023
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| Coupon: | 15.85% per year, payable each quarter if each stock closes at or above coupon barrier on every day of that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par unless final share price of least performing stock is less than downside threshold, in which case full exposure to decline of worst performer
|
| Call: | Par if each stock closes above its initial level on any quarterly redemption date after six months
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| Initial share prices: | $1,326.17 for Chipotle, $399.85 for Domino’s, $71.19 for Shake Shack
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| Coupon barriers: | $663.09 for Chipotle, $199.93 for Domino’s, $35.60 for Shake Shack; 50% of initial share prices
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| Downside thresholds: | $663.09 for Chipotle, $199.93 for Domino’s, $35.60 for Shake Shack; 50% of initial share prices
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| Pricing date: | Nov. 6
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| Settlement date: | Nov. 12
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distributor: | Morgan Stanley Smith Barney LLC
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| Fees: | 2.5%
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| Cusip: | 22550X790
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