Published on 8/21/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $20 million review notes tied to Facebook, Amazon, Alphabet
By Kiku Steinfeld
Chicago, Aug. 21 – Credit Suisse AG, London Branch priced $20 million of 0% review notes due Aug. 12, 2024 linked to the least performing of the common stocks of Facebook, Inc., Alphabet Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 15.3% if each stock closes at or above its applicable call level on any annual review date. The call level will be 100% of the initial level for each stock for each date except the final one when it will be 60% of each stock’s initial level.
If the notes are not called, investors will be fully exposed to any losses of the worst performing stock.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Review notes
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Underlying stocks: | Facebook, Inc., Alphabet Inc. and Amazon.com, Inc.
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Amount: | $20 million
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Maturity: | Aug. 12, 2024
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Coupon: | 0%
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Price: | Par
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Call: | At par plus 15.3% per year if each stock closes at or above call level on annual review date; call level will be 100% of the initial level for each stock for each date except the final one when it will be 60% of each stock’s initial level
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Payout at maturity: | If not called, 1% loss for each 1% decline of worst performing stock
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Initial levels: | $268.44 for Facebook, $1,494.49 for Alphabet, $3,167.46 for Amazon
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Trigger levels: | $161.06 for Facebook, $896.69 for Alphabet, $1,900.48 for Amazon; 60% of initial levels
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Pricing date: | Aug. 10
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Settlement date: | Aug. 13
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Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 0.6%
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Cusip: | 22552WF67
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