Published on 7/29/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $2.9 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 29 – Credit Suisse AG, London Branch priced $2.9 million of contingent coupon autocallable yield notes due Jan. 30, 2020 linked to the lowest performing of the common stocks of Cisco Systems, Inc., Intelsat SA and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 27% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level on Oct. 25.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case the payout will be par plus the return of the lesser performing stock with full exposure to losses.
Credit Suisse Securities (USA) 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: | Cisco Systems, Inc., Intelsat SA and Verizon Communications Inc.
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| Amount: | $2.9 million
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| Maturity: | Jan. 30, 2020
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| Coupon: | 27% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below initial level 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
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| Call: | At par if each stock closes above initial level on Oct. 25
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| Initial levels: | $57.23 for Cisco, $21.53 for Intelsat $55.97 for Verizon
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| Coupon barrier levels: | $28.615 for Cisco, $10.765 for Intelsat $27.985 for Verizon, 50% of initial levels
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| Knock-in levels: | $28.615 for Cisco, $10.765 for Intelsat $27.985 for Verizon, 50% of initial levels
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| Pricing date: | July 25
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| Settlement date: | July 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22552FPZ9
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