Published on 1/21/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $590,000 contingent coupon autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Jan. 21 – Credit Suisse AG, London Branch priced $590,000 of contingent coupon autocallable yield notes due Jan. 23, 2025 linked to the lowest performing of the stocks of International Paper Co., Packaging Corp. of America and Weyerhaeuser Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 9.2% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
Starting July 16, the notes will be called at par plus the coupon if each stock closes at or above 100% of its initial level on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses.
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: | International Paper Co., Packaging Corp. of America and Weyerhaeuser Co.
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Amount: | $590,000
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Maturity: | Jan. 23, 2025
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Coupon: | 9.2% per year, payable quarterly if each stock 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 stock finishes below its knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses
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Call: | Starting July 16, at par plus coupon if each stock closes at or above 100% of its initial level on any quarterly call date
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Initial levels: | $44.50 for International Paper, $108.24 for Packaging Corp., $30.93 for Weyerhaeuser
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Coupon barriers: | $22.25 for International Paper, $54.12 for Packaging Corp., $15.465 for Weyerhaeuser, 50% of initial levels
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Knock-in levels: | $22.25 for International Paper, $54.12 for Packaging Corp., $15.465 for Weyerhaeuser, 50% of initial levels
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Pricing date: | Jan. 15
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Settlement date: | Jan. 23
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.5%
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Cusip: | 22551NJ64
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