Published on 9/18/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $750,000 contingent coupon autocallable yield notes on two stocks
By Sarah Lizee
Olympia, Wash., Sept. 18 – Credit Suisse AG, London Branch, priced $750,000 of contingent coupon autocallable yield notes due June 21, 2021 linked to the least performing of the stocks of Ford Motor Co. and General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 14.75% per year if each stock closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either stock finishes below its 60% 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: | Ford Motor Co. and General Motors Co.
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| Amount: | $750,000
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| Maturity: | June 21, 2021
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| Coupon: | 14.75% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on related observation date
|
| 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 its initial level on any quarterly trigger observation date
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| Initial levels: | $7.04 for Ford, $31.58 for GM
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| Coupon barrier levels: | $4.224 for Ford, $18.948 for GM, or 60% of initial levels
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| Knock-in levels: | $4.224 for Ford, $18.948 for GM, or 60% of initial levels
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| Pricing date: | Sept. 16
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| Settlement date: | Sept. 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.8%
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| Cusip: | 22552WLF0
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