Published on 9/28/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $9.35 million contingent income autocalls on three tech stocks
By Kiku Steinfeld
Chicago, Sept. 28 – Credit Suisse AG, London Branch priced $9.35 million of contingent income autocallable securities due Sept. 21, 2023 linked to the worst performing of the common stocks of Apple Inc., Amazon.com, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.4% if each stock closes at or above its coupon barrier, 55% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date.
The payout at maturity will be par unless any stock finishes below its 55% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
Credit Suisse International is the agent. Morgan Stanley Smith Barney LLC is the distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent income autocallable securities
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| Underlying stocks: | Apple Inc., Amazon.com, Inc. and Microsoft Corp.
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| Amount: | $9,350,500
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| Maturity: | Sept. 21, 2023
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| Coupon: | 9.4% per year, payable each quarter if each stock closes at or above coupon barrier on determination date for that period
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| Price: | Par of $10
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| Payout at maturity: | If final share price of least performing stock is greater than or equal to downside threshold level, par; otherwise, full exposure to decline of worst performer
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| Call: | Par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date
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| Initial share prices: | $106.84 for Apple, $2,954.91 for Amazon, $200.39 for Microsoft
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| Coupon barriers: | $58.76 for Apple, $1,625.20 for Amazon, $110.21 for Microsoft; 55% of initial share prices
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| Downside thresholds: | $58.76 for Apple, $1,625.20 for Amazon, $110.21 for Microsoft; 55% of initial share prices
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 23
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| Agent: | Credit Suisse International
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| Distributor: | Morgan Stanley Smith Barney LLC
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| Fees: | 2.5%
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| Cusip: | 22550X584
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