Published on 7/31/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $6.47 million contingent coupon autocallable yield notes on four stocks
By Sarah Lizee
Olympia, Wash., July 31 – Credit Suisse AG, London Branch priced $6.47 million of contingent coupon autocallable yield notes due July 29, 2022 linked to the lowest performing of the common stocks of Delta Air Lines, Inc., Deere & Co., General Mills, Inc. and Royal Caribbean Cruises Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 11.5% if each stock closes at or above its barrier level, 55% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level on Jan. 28, 2020.
The payout at maturity will be par unless any stock finishes below its 52.5% knock-in level, in which case the payout will be par plus the return of the lesser performing stock with full exposure to losses.
Credit Suisse Securities (USA) LLC and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Delta Air Lines, Inc., Deere & Co., General Mills, Inc. and Royal Caribbean Cruises Ltd.
|
| Amount: | $6,466,000
|
| Maturity: | July 29, 2022
|
| Coupon: | 11.5% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below initial level 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
|
| Call: | At par if each stock closes above initial level on Jan. 28, 2020
|
| Initial levels: | $62.16 for Delta, $170.39 for Deere, $53.64 for General Mills, $113.96 for Royal
|
| Coupon barrier levels: | $34.188 for Delta, $93.7145 for Deere, $29.502 for General Mills, $62.678 for Royal, 55% of initial levels
|
| Knock-in levels: | $32.634 for Delta, $89.45475 for Deere, $28.161 for General Mills, $59.829 for Royal, 52.5% of initial levels
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 1
|
| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
|
| Fees: | 3.5%
|
| Cusip: | 22552FNQ1
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
