Published on 3/13/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.07 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, March 13 – Credit Suisse AG, London Branch priced $1.07 million of contingent coupon autocallable yield notes due March 9, 2022 linked to the lowest performing of the stocks of Wells Fargo & Co., MGM Resorts International and Sanofi, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 8.5% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes at or above 90% of its initial level on any monthly observation date starting June 2.
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
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Wells Fargo & Co., MGM Resorts International and Sanofi
|
| Amount: | $1.07 million
|
| Maturity: | March 9, 2022
|
| Coupon: | 8.5% 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 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 plus coupon if each stock closes at or above 90% of its initial level on any monthly call date starting June 2
|
| Initial levels: | $40.85 for Wells, $24.56 for MGM, €83.93 for Sanofi
|
| Call levels: | $36.765 for Wells, $22.104 for MGM, €75.537 for Sanofi, 90% of initial levels
|
| Coupon barriers: | $20.425 for Wells, $12.28 for MGM, €41.965 for Sanofi, 50% of initial levels
|
| Knock-in levels: | $20.425 for Wells, $12.28 for MGM, €41.965 for Sanofi, 50% of initial levels
|
| Pricing date: | March 2
|
| Settlement date: | March 9
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.75%
|
| Cusip: | 22551NTJ5
|
|
|
|
|
© 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.
