Published on 11/16/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.81 million contingent coupon autocallable yield notes on stocks
By Taylor Fox
New York, Nov. 16 – Credit Suisse AG, London Branch priced $3.81 million of contingent coupon autocallable yield notes due Oct. 30, 2025 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 14% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date starting Jan. 26, 2021.
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.
The agent is Incapital LLC.
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: | $3,805,000
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Maturity: | Oct. 30, 2025
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Coupon: | 14% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
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Price: | Par
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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
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Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date starting Jan. 26, 2021
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Initial prices: | $116.60 for Apple, $3,286.33 for Amazon, $283.29 for Facebook and $488.93 for Netflix
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Coupon barriers: | $69.96 for Apple, $1,971.798 for Amazon, $169.974 for Facebook and $293.358 for Netflix; 60% of initial levels
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Knock-in levels: | $58.30 for Apple, $1,643.165 for Amazon, $141.645 for Facebook and $244.465 for Netflix; 50% of initial levels
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Pricing date: | Oct. 27
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Settlement date: | Oct. 30
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Agent: | Incapital LLC
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Fees: | 4%
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Cusip: | 22552WPY5
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