Published on 11/18/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.35 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 18 – Credit Suisse AG, London Branch priced $1.35 million of contingent coupon autocallable yield notes due Nov. 4, 2024 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., Tesla, Inc. and Netflix, Inc.
The notes will pay a monthly contingent coupon at an annual rate of 19.45% if each stock closes at or above its coupon barrier, 50% 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 Feb. 1, 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., Facebook, Inc., Tesla, Inc. and Netflix, Inc.
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| Amount: | $1.35 million
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| Maturity: | Nov. 4, 2024
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| Coupon: | 19.45% per year, payable monthly 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 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 Feb. 1, 2021
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| Initial prices: | $108.86 for Apple, $263.11 for Facebook, $388.04 for Tesla and $475.74 for Netflix
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| Coupon barriers: | $54.43 for Apple, $131.555 for Facebook, $194.02 for Tesla and $237.87 for Netflix; 50% of initial levels
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| Knock-in levels: | $54.43 for Apple, $131.555 for Facebook, $194.02 for Tesla and $237.87 for Netflix; 50% of initial levels
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 4
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| Agent: | Incapital LLC
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| Fees: | 1.5%
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| Cusip: | 22552WQZ1
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