Published on 12/21/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $9.93 million contingent coupon autocallable yield notes on four stocks
By Cady Vishniac
Detroit, Dec. 21 – Credit Suisse AG, London Branch, priced $9.93 million of contingent coupon autocallable yield notes due Dec. 21, 2023 linked to the least performing of the stocks of Costco Wholesale Corp., Procter & Gamble Co., Starbucks Corp. and FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 8.5% per year if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial price on any monthly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 60% knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price.
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: | Costco Wholesale Corp. (COST UW), Procter & Gamble Co. (PG UN), Starbucks Corp. (SBUX UW) and FedEx Corp. (FDX UN)
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Amount: | $9,925,000
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Maturity: | Dec. 21, 2023
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Coupon: | 8.5% per year, payable monthly if each underlying asset closes at or above its coupon barrier price on related observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price
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Call: | Par plus the coupon if each stock closes above its initial price on any monthly trigger observation date after six months
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Initial prices: | $369.44 for Costco, $137.27 for Procter & Gamble, $103.27 for Starbucks and $288.81 for FedEx
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Coupon barrier/knock-in prices: | $221.664 for Costco, $82.362 for Procter & Gamble, $61.962 for Starbucks and $173.286 for FedEx, 60% of initial prices
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Pricing date: | Dec. 16
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Settlement date: | Dec. 21
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.8%
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Cusip: | 22552WWK7
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