Published on 8/23/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.43 million contingent coupon autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Aug. 23 – Credit Suisse AG, London Branch priced $1.43 million of contingent coupon autocallable yield notes due Aug. 28, 2024 linked to the lowest performing of the stocks of Apple Inc., Walt Disney Co. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 10% 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 any monthly observation date starting Aug. 21, 2020.
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 least performing stock with full exposure to losses.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Apple Inc., Walt Disney Co. and JPMorgan Chase & Co.
|
| Amount: | $1,434,000
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| Maturity: | Aug. 28, 2024
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| Coupon: | 10% 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 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
|
| Call: | At par if each stock closes above initial level on any monthly observation date starting Aug. 21, 2020
|
| Initial levels: | $212.64 for Apple, $135.76 for Disney, $107.61 for JPMorgan
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| Coupon barrier levels: | $106.32 for Apple, $67.88 for Disney, $53.805 for JPMorgan, 50% of initial levels
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| Knock-in levels: | $106.32 for Apple, $67.88 for Disney, $53.805 for JPMorgan, 50% of initial levels
|
| Pricing date: | Aug. 21
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| Settlement date: | Aug. 28
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | None
|
| Cusip: | 22552FTT9
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