Published on 9/29/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $385,000 contingent coupon autocallable yield notes on four stocks
Chicago, Sept. 30 – Credit Suisse AG, London Branch priced $385,000 of contingent coupon autocallable reverse convertible securities due Feb. 28, 2022 linked to the common stocks of Amazon.com, Inc., Alphabet Inc. and Netflix, Inc. and Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 11.5% if each stock closes at or above its coupon barrier, 60% of its initial level, on the monthly observation date.
The notes will be called at par plus the coupon if each stock closes at or above its trigger level, 100% of its initial level, on any monthly trigger observation date beginning Nov. 25.
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 any losses of the least-performing stock, payable in shares of the lowest performing underlying or cash at the option of the issuer.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable reverse convertible securities
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| Underlying stocks: | Amazon.com, Inc., Alphabet Inc., Netflix, Inc. and Facebook, Inc.
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| Amount: | $385,000
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| Maturity: | Feb. 28, 2022
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| Coupon: | 11.5% per year, payable monthly if each stock closes at or above its coupon barrier level on relevant 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, payable in shares of worst performer or cash at issuer’s option
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| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly trigger observation date beginning Nov. 25
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| Initial prices: | $1,761.83 for Amazon, $181.30 for Facebook, $1,170.82 for Alphabet, $291.03 for Netflix
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| Coupon barriers: | $1,057.098 for Amazon, $108.78 for Facebook, $702.492 for Alphabet, $174.618 for Netflix; 60% of initial prices
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| Knock-in levels: | $1,057.098 for Amazon, $108.78 for Facebook, $702.492 for Alphabet, $174.618 for Netflix; 60% of initial prices
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22549JV64
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