Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $850,000 contingent coupon autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, Oct. 26 – Credit Suisse AG, London Branch priced $850,000 of contingent coupon autocallable yield notes due April 24, 2023 to the common stocks of Home Depot, Inc., Lowe’s Cos., Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 10% if each stock closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be called at par if each stock closes at or above 90% of its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
Credit Suisse Securities, (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Home Depot, Inc., Lowe’s Cos., Inc. and Walmart Inc.
|
| Amount: | $850,000
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| Maturity: | April 24, 2023
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| Coupon: | 10% per year, payable quarterly if each stock closes at or above its coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case full exposure to the losses of the least performing stock
|
| Call: | Automatically if each stock closes at or above 90% of its initial level on any quarterly trigger observation date
|
| Initial prices: | $286.04 for Home Depot, $177.09 for Lowe’s, $143.90 for Walmart
|
| Trigger levels: | $257.436 for Home Depot, $159.381 for Lowe’s, $129.51 for Walmart; 90% of initial prices
|
| Coupon barriers: | $200.228 for Home Depot, $123.963 for Lowe’s, $100.73 for Walmart; 70% of initial prices
|
| Knock-in levels: | $200.228 for Home Depot, $123.963 for Lowe’s, $100.73 for Walmart; 70% of initial prices
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 23
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.25%
|
| Cusip: | 22552WQD0
|
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