Published on 1/3/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $885,000 contingent coupon autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Jan. 3 – Credit Suisse AG, London Branch priced $885,000 of contingent coupon autocallable yield notes due Dec. 30, 2025 linked to the lowest performing of the stocks of Zillow Group, Inc., Shopify Inc. and Lyft, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 22% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
Starting March 26, 2020, the notes will be called at par plus the coupon if each stock closes at or above 90% of its initial level on any monthly observation date other than the final one.
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
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Zillow Group, Inc., Shopify Inc. and Lyft, Inc.
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| Amount: | $885,000
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| Maturity: | Dec. 30, 2025
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| Coupon: | 22% 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 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: | Starting March 26, 2020, at par plus coupon if each stock closes at or above 90% of initial level on any monthly observation date other than final one
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| Initial levels: | $45.32 for Zillow, $408.75 for Shopify, $45.73 for Lyft
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| Coupon barriers: | $27.192 for Zillow, $245.25 for Shopify, $27.438 for Lyft, 60% of initial levels
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| Knock-in levels: | $22.66 for Zillow, $204.375 for Shopify, $22.865 for Lyft, 50% of initial levels
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| Pricing date: | Dec. 26
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| Settlement date: | Dec. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.35%
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| Cusip: | 22551NFC5
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