Published on 6/24/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $14.17 million contingent coupon autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, June 24 – Credit Suisse AG, London Branch priced $14.17 million of contingent coupon autocallable yield notes due June 25, 2024 linked to the lowest performing of the stocks of Facebook, Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 16% if each stock closes at or above its barrier level, 65% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly observation date starting Dec. 22.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses.
Incapital 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: | Facebook, Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
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| Amount: | $14,166,000
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| Maturity: | June 25, 2024
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| Coupon: | 16% 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
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| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly call date starting Dec. 22
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| Initial levels: | $239.22 for Facebook, $2,713.82 for Amazon.com, $1,451.86 for Alphabet, $468.04 for Netflix
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| Coupon barriers: | $155.493 for Facebook, $1,763.983 for Amazon.com, $943.709 for Alphabet, $304.226 for Netflix, 65% of initial levels
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| Knock-in levels: | $143.532 for Facebook, $1,628.292 for Amazon.com, $871.116 for Alphabet, $280.824 for Netflix, 60% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 25
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| Agent: | Incapital LLC
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| Fees: | 3.75%
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| Cusip: | 22552WA47
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