Published on 10/19/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.09 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – Credit Suisse AG, London Branch priced $2.09 million of contingent coupon autocallable yield notes with upper threshold feature due Oct. 13, 2023 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc., Facebook Inc. and Netflix, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 17.1% 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 starting April 8, 2021.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes with upper threshold feature
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| Underlying stocks: | Apple Inc., Facebook Inc. and Netflix, Inc.
|
| Amount: | $2.09 million
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| Maturity: | Oct. 13, 2023
|
| Coupon: | 17.1% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date starting April 8, 2021
|
| Initial prices: | $115.08 for Apple, $258.12 for Facebook, $534.66 for Netflix
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| Coupon barriers: | $69.048 for Apple, $154.872 for Facebook, $320.796 for Netflix; 60% of initial levels
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| Knock-in levels: | $69.048 for Apple, $154.872 for Facebook, $320.796 for Netflix; 60% of initial levels
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 13
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
|
| Cusip: | 22552WP41
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