Published on 2/28/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.17 million contingent coupon callable yield notes on five stocks
By Sarah Lizee
Olympia, Wash., Feb. 28 – Credit Suisse AG, London Branch priced $2.17 million of contingent coupon callable yield notes due Feb. 27, 2023 linked to the lowest performing of the common stocks of Amazon.com, Inc., Facebook, Inc., Microsoft Corp. and Alphabet Inc. and the American Depositary Shares of Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 20% if each stock closes above its coupon barrier level, 70% of its initial level, on the observation date for that period.
Credit Suisse may call the notes at par on any coupon payment date.
The payout at maturity will be par unless any stock finishes below its knock-in level, 70% of its initial level, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | Amazon.com, Inc., Facebook, Inc., Alibaba Group Holding Ltd., Microsoft Corp. and Alphabet Inc.
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| Amount: | $2,172,000
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| Maturity: | Feb. 27, 2023
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| Coupon: | 20% 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 full exposure to any losses of least performing stock
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| Call option: | At par on any quarterly coupon payment date
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| Initial prices: | $2,153.10 for Amazon, $218.04 for Alibaba, $214.58 for Facebook, $1,516.99 for Alphabet, $184.42 for Microsoft
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| Coupon barrier/knock-in levels: | $1,507.17 for Amazon, $152.628 for Alibaba, $150.206 for Facebook, $1,061.893 for Alphabet, $129.094 for Microsoft; 70% of initial levels
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| Pricing date: | Feb. 21
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| Settlement date: | Feb. 26
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22551NQP4
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