Published on 1/30/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $597,000 contingent coupon autocallable yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 30 – Credit Suisse AG, London Branch priced $597,000 of contingent coupon autocallable yield notes due April 29, 2021 linked to the least performing of the Russell 2000 index, the Euro Stoxx Banks index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every month, the notes pay a contingent coupon at the rate of 6% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called at par if each index closes at or above its initial level on any observation date after three months.
The payout at maturity will be par unless any index finishes below its knock-in level, 65% of its initial level, in which case investors will be exposed to the decline of the lesser-performing index from its initial level.
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 indexes: | Russell 2000 index, Euro Stoxx Banks index and Nasdaq-100 index
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| Amount: | $597,000
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| Maturity: | April 29, 2021
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| Coupon: | 6% per year, payable monthly if each underlying index 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 index finishes below its knock-in level, in which case investors will be exposed to the decline of the lesser-performing index from its initial level
|
| Call option: | Automatically at par plus coupon if each index closes at or above initial level on any observation date after three months
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| Initial levels: | 1,662.232 for Russell, 93.15 for Stoxx, 9,141.467 for Nasdaq
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| Coupon barrier levels: | 1,163.5624 for Russell, 65.205 for Stoxx, 6,399.0269 for Nasdaq, 70% of initial levels
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| Knock-in levels: | 1,080.4508 for Russell, 60.5475 for Stoxx, 5,941.95355 for Nasdaq, 65% of initial levels
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.375%
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| Cusip: | 22551NKG0
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