Published on 12/15/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.86 million contingent coupon autocallable yield notes on stocks
By Cady Vishniac
Detroit, Dec. 15 – Credit Suisse AG, London Branch priced $1.86 million of contingent coupon autocallable yield notes due Dec. 9, 2025 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are those of Apple Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 11% if each stock closes at or above its coupon barrier, 60% of its initial price, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial price on any quarterly trigger observation date starting at six months on June 4.
The payout at maturity will be par unless any stock finishes below its 60% knock-in price, 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: | $1,856,000
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| Maturity: | Dec. 9, 2025
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| Coupon: | 11% per year, payable quarterly if each stock closes at or above its coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in price, 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 price on any quarterly trigger observation date starting at six months on June 4
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| Initial prices: | $122.25 for Apple, $3,162.58 for Amazon, $279.70 for Facebook and $498.31 for Netflix
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| Coupon barriers: | $73.35 for Apple, $1,897.548 for Amazon, $167.82 for Facebook and $298.986 for Netflix, 60% of initial prices
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| Knock-in prices: | $73.35 for Apple, $1,897.548 for Amazon, $167.82 for Facebook and $298.986 for Netflix, 60% of initial prices
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 9
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22552WUK9
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