Published on 2/10/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $850,000 contingent income autocallables on three stocks
By Sarah Lizee
Olympia, Wash., Feb. 10 – Credit Suisse AG, London Branch priced $850,000 of contingent income autocallable securities due Feb. 2, 2023 linked to the least performing of the common stocks of Facebook, Inc., JPMorgan Chase & Co. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 16% per year if each stock closes at or above its downside threshold, 65% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless any stock finishes below its downside threshold level, in which case investors will lose 1% for every 1% that the least-performing stock declines from its initial level.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent income autocallable securities
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| Underlying stocks: | Facebook, Inc., JPMorgan Chase & Co. and Qualcomm Inc.
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| Amount: | $850,000
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| Maturity: | Feb. 2, 2023
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| Coupon: | 16% per year, payable quarterly if each stock closes at or above downside threshold level on determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below downside threshold level, in which case 1% loss for every 1% that least-performing stock declines from initial level
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly determination date
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| Initial levels: | $217.79 for Facebook, $134.43 for JPMorgan, $89.15 for Qualcomm
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| Downside thresholds: | $141.56 for Facebook, $87.38 for JPMorgan, $57.95 for Qualcomm, or 65% of initial levels
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| Pricing date: | Jan. 28
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Selected dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 22550N222
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