Published on 1/30/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable yield notes on indexes, fund
By Wendy Van Sickle
Columbus, Ohio, Jan. 30 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due Jan. 31, 2023 linked to the least performing of the Euro Stoxx Banks index, the Financial Select Sector SPDR fund and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every quarter, the notes pay a contingent coupon at the rate of 7% per year if each asset closes at or above its coupon barrier level, 63.75% of its initial level, on the related observation date.
The notes will be called at par if each asset closes at or above its initial level on any observation date after one year.
The payout at maturity will be par unless any asset finishes below its knock-in level, 63.75% of its initial level, in which case investors will be exposed to the decline of the least-performing asset 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 assets: | Euro Stoxx Banks index, Financial Select Sector SPDR fund and Nasdaq-100 index
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| Amount: | $500,000
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| Maturity: | Jan. 31, 2023
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| Coupon: | 7% per year, payable quarterly if each underlying asset 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 asset finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing asset from its initial level
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| Call option: | Automatically at par plus coupon if each asset closes at or above initial level on any observation date after one year
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| Initial levels: | 93.15 for Euro Stoxx Banks, $30.39 for fund, 9,141.467 for Nasdaq
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| Coupon barrier levels: | 59.383125 for Euro Stoxx Banks, $19.373625 for fund, 5,827.6852125 for Nasdaq, 63.75% of initial levels
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| Knock-in levels: | 59.383125 for Euro Stoxx Banks, $19.373625 for fund, 5,827.6852125 for Nasdaq, 63.75% of initial levels
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22551NKV7
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