Published on 8/18/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $803,000 autocallable securities on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 18 – Credit Suisse AG, London Branch priced $803,000 of 0% autocallable securities due Aug. 5, 2022 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 12.75% if each underlying index closes at or above its initial level on any semiannual review date.
If the notes are not called and each index finishes at or above its initial level, the payout at maturity will be par plus the contingent return of 25.5%. If the lesser performing index declines but each index finishes at or above its 70% knock-in level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $803,000
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| Maturity: | Aug. 5, 2022
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | Par plus 25.5% if each index finishes at or above initial level; par if the lesser-performing index falls by up to 30%; otherwise, investors will be fully exposed to any decline of the least performing index
|
| Call: | Automatically at par plus annualized redemption premium of 12.75% if each index closes at or above its initial level on any semiannual review date
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| Initial levels: | 3,271.12 for S&P, 1,480.427 for Russell
|
| Knock-in levels: | 2,289.784 for S&P, 1,036.2989 for Russell; 70% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 5
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.05%
|
| Cusip: | 22552WBX2
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