Published on 11/24/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable yield notes on two stocks
By Kiku Steinfeld
Chicago, Nov. 24 – Credit Suisse AG, London Branch, priced $500,000 of contingent coupon autocallable yield notes due May 18, 2023 linked to the least performing of the stocks of FedEx Corp. and United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 9.5% per year if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above 90% of its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either stock finishes below its 70% knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level.
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: | FedEx Corp. and United Parcel Service, Inc.
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| Amount: | $500,000
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| Maturity: | May 18, 2023
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| Coupon: | 9.5% per year, payable quarterly if each underlying asset 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 either stock finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level
|
| Call: | Par plus the coupon if each stock closes above 90% of its initial level on any quarterly trigger observation date
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| Initial levels: | $271.91 for FedEx, $163.67 for UPS
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| Call levels: | $244.719 for FedEx, $147.303 for UPS
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| Coupon barrier levels: | $190.337 for FedEx, $114.569 for UPS, or 70% of initial levels
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| Knock-in levels: | $190.337 for FedEx, $114.569 for UPS, or 70% of initial levels
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| Pricing date: | Nov. 13
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| Settlement date: | Nov. 18
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.75%
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| Cusip: | 22552WSS5
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