Published on 7/1/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.5 million autocallable securities on two stocks
By Sarah Lizee
Olympia, Wash., July 1 – Credit Suisse AG, London Branch priced $2.5 million of 0% autocallable securities due June 25, 2025 linked to the shares of Facebook, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 12.1% if each underlying stock closes at or above its initial level on any quarterly review date.
If the notes are not called and each stock finishes at or above its initial level, the payout at maturity will be par plus the contingent return of 60.5%. If any stock falls but each stock finishes at or above its 60% knock-in level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing stock.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying stocks: | Facebook, Inc. and Alphabet Inc.
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| Amount: | $2.5 million
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| Maturity: | June 25, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 60.5% if each stock finishes at or above initial level; par if any stock falls but none finish below knock-in level; otherwise, investors will be fully exposed to any decline of the least performing stock
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| Call: | Automatically at par plus annualized redemption premium of 12.1% if each stock closes at or above its initial level on quarterly review date
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| Initial levels: | $239.22 for Facebook, $1,451.86 for Alphabet
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| Knock-in levels: | $143.532 for Facebook, $871.116 for Alphabet; 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: | 4%
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| Cusip: | 22552WAF2
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