Published on 9/28/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $11.26 million contingent coupon autocallables on tech stocks
By Taylor Fox
New York, Sept. 28 – Credit Suisse AG, London Branch priced $11.26 million of contingent coupon autocallable yield notes due Sept. 25, 2025 linked to the least performing of the common stocks of Apple Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 15% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
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: | Apple Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $11,259,000
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| Maturity: | Sept. 25, 2025
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| Coupon: | 15% per year, payable quarterly if each stock closes at or above its coupon barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least performing stock
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| Call: | Automatically if each stock closes at or above initial level on any quarterly trigger observation date
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| Initial prices: | $111.81 for Apple, $3,128.99 for Amazon, $254.75 for Facebook and $491.17 for Netflix
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| Coupon barriers: | $67.086 for Apple, $1,877.394 for Amazon, $152.85 for Facebook and $294.702 for Netflix; 60% of initial levels
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| Knock-in levels: | $55.905 for Apple, $1,564.495 for Amazon, $127.375 for Facebook and $245.585 for Netflix; 50% of initial levels
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 25
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22552WKQ7
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