Published on 1/6/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.29 million contingent coupon autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Jan. 6 – Credit Suisse AG, London Branch priced $1.29 million of contingent coupon autocallable yield notes due July 5, 2022 linked to the lowest performing of the stocks of Cisco Systems, Inc., Alphabet Inc. and Home Depot, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 10.25% if each stock closes at or above its barrier level, 70% of its initial level, on a related observation date.
Starting March 30, 2020, the notes will be called at par plus the coupon if each stock closes at or above 95% of its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless any stock finishes below its 70% 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: | Cisco Systems, Inc., Alphabet Inc. and Home Depot, Inc.
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| Amount: | $1,292,000
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| Maturity: | July 5, 2022
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| Coupon: | 10.25% per year, payable quarterly 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 30, 2020, at par plus coupon if each stock closes at or above 95% of initial level on any quarterly observation date other than final one
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| Initial levels: | $47.77 for Cisco, $1,354.64 for Alphabet, $219.97 for Home Depot
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| Coupon barriers: | $33.439 for Cisco, $948.248 for Alphabet, $153.979 for Home Depot, 70% of initial levels
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| Knock-in levels: | $33.439 for Cisco, $948.248 for Alphabet, $153.979 for Home Depot, 70% of initial levels
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| Pricing date: | Dec. 27
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| Settlement date: | Dec. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.75%
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| Cusip: | 22551NEY8
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