Published on 12/5/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.9 million contingent coupon autocallable yield notes on stocks
By Taylor Fox
New York, Dec. 7 – Credit Suisse AG, London Branch priced $2.9 million of contingent coupon autocallable yield notes due Nov. 30, 2023 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc., Amazon.com, Inc. and Alphabet Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 10.5% 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 starting May 25, 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 the 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
|
| Underlying stocks: | Apple Inc., Amazon.com, Inc. and Alphabet Inc.
|
| Amount: | $2.9 million
|
| Maturity: | Nov. 30, 2023
|
| Coupon: | 10.5% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case 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 May 25, 2021
|
| Initial prices: | $115.17 for Apple, $3,118.06 for Amazon and $1,768.88 for Alphabet
|
| Coupon barrier levels: | $69.102 for Apple, $1,870.836 for Amazon and $1,061.328 for Alphabet; 60% of initial levels
|
| Knock-in levels: | $69.102 for Apple, $1,870.836 for Amazon and $1,061.328 for Alphabet; 60% of initial levels
|
| Pricing date: | Nov. 24
|
| Settlement date: | Nov. 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22552WU37
|
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