Published on 11/27/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.05 million contingent coupon callable yield notes on tech stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 27 – Credit Suisse AG, London Branch priced $2.05 million of contingent coupon callable yield notes due Nov. 25, 2022 linked to the lowest performing of the stocks of Amazon.com, Inc., Alibaba Group Holding Ltd., Facebook, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 22.6% if each stock closes at or above its coupon barrier level, 70% of its initial level, on a related observation date.
The notes may be called at par plus any coupon due on quarterly redemption date.
The payout at maturity will be par unless any index finishes below its 70% knock-in level, in which case investors will fully participate in the return of least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | Amazon.com, Inc., Alibaba Group Holding Ltd., Facebook, Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $2.05 million
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| Maturity: | Nov. 25, 2022
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| Coupon: | 22.6% per year, payable quarterly if each stock closes at or above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its 70% knock-in level, in which case investors will fully participate in the return of least-performing stock
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| Call: | At par plus any coupon on any payment date
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| Initial levels: | $1,745.53 for Amazon, $182.35 for Alibaba, $197.51 for Facebook, $1,301.86 for Alphabet, $149.62 for Microsoft
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| Coupon barrier levels: | $1,221.871 for Amazon, $127.645 for Alibaba, $138.257 for Facebook, $911.302 for Alphabet and $104.734 for Microsoft, 70% of initial levels
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| Knock-in levels: | $1,221.871 for Amazon, $127.645 for Alibaba, $138.257 for Facebook, $911.302 for Alphabet and $104.734 for Microsoft, 70% of initial levels
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| Pricing date: | Nov. 21
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| Settlement date: | Nov. 26
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| Placement agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22551NB62
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