Published on 1/24/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $6.31 million contingent coupon autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 24 – Credit Suisse AG, London Branch priced $6.31 million of contingent coupon autocallable yield notes due Jan. 23, 2023 linked to the lowest performing of the stocks of Facebook, Inc., Alibaba Group Holding Ltd., Amazon.com, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 10% if each stock closes at or above its barrier level, 52% of its initial level, on a related observation date.
After six months, the notes will be called at par plus the coupon if each stock closes above its initial level on any monthly observation date other than the final one.
The payout at maturity will be par unless any stock finishes below its 52% knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Facebook, Inc., Alibaba Group Holding Ltd., Amazon.com, Inc. and Netflix, Inc.
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| Amount: | $6.31 million
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| Maturity: | Jan. 24, 2023
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| Coupon: | 10% 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 which case the payout will be par plus the return of the least performing stock with full exposure to losses
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| Call: | After six months, at par plus coupon if each stock closes above initial level on any monthly observation date other than final one
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| Initial levels: | $222.14 for Facebook, $227.43 for Alibaba, $1,864.72 for Amazon.com, $339.67 for Netflix
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| Coupon barrier levels: | $115.5128 for Facebook, $118.2636 for Alibaba, $969.6544 for Amazon.com, $176.6284 for Netflix, 52% of initial levels
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| Knock-in levels: | $115.5128 for Facebook, $118.2636 for Alibaba, $969.6544 for Amazon.com, $176.6284 for Netflix, 52% of initial levels
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| Pricing date: | Jan. 17
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| Settlement date: | Jan. 23
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.22%
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| Cusip: | 22551NHL3
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