Published on 8/27/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $8.39 million contingent income autocalls on three stocks
By Sarah Lizee
Olympia, Wash., Aug. 27 – Credit Suisse AG, London Branch priced $8.39 million of contingent income autocallable securities due Aug. 30, 2021 linked to the worst performing of the common stocks of Activision Blizzard, Inc., Electronic Arts Inc. and Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 19.35% if each stock closes at or above its coupon barrier, 70% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date.
The payout at maturity will be par unless any stock finishes below its 70% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
Credit Suisse International is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent income autocallable securities
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| Underlying stocks: | Activision Blizzard, Inc., Electronic Arts Inc. and Facebook, Inc.
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| Amount: | $8,385,000
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| Maturity: | Aug. 30, 2021
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| Coupon: | 19.35% per year, payable each quarter if each stock closes at or above coupon barrier on determination date for that period
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price of least performing stock is greater than or equal to downside threshold level, par; otherwise, full exposure to decline of worst performer
|
| Call: | Par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date
|
| Initial share prices: | $83.62 for Activision, $142.21 for Electronic, $280.82 for Facebook
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| Coupon barriers: | $58.53 for Activision, $99.55 for Electronic, $196.57 for Facebook; 70% of initial share prices
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| Downside thresholds: | $58.53 for Activision, $99.55 for Electronic, $196.57 for Facebook; 70% of initial share prices
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 28
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| Agent: | Credit Suisse International
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 1.75%
|
| Cusip: | 22550X436
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