Published on 3/25/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $585,000 contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, March 25 – Credit Suisse AG, London Branch priced $585,000 of contingent coupon autocallable yield notes due March 18, 2025 linked to the lowest performing of the stocks of Nektar Therapeutics, Uber Technologies, Inc. and STMicroelectronics NV, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 24.25% if each stock closes at or above its barrier level, 60% 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 its initial level on any quarterly observation date starting June 15.
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
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Nektar Therapeutics, Uber Technologies, Inc. and STMicroelectronics NV
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| Amount: | $585,000
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| Maturity: | March 18, 2025
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| Coupon: | 24.25% per year, payable monthly if each stock 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 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 its initial level on any monthly call date starting June 15
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| Initial levels: | $16.60 for Nektar, $22.60 for Uber, $21.33 for STMicroelectronic
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| Coupon barriers: | $9.96 for Nektar, $13.56 for Uber, $12.798 for STMicroelectronick, 60% of initial levels
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| Knock-in levels: | $8.30 for Nektar, $11.30 for Uber, $10.665 for STMicroelectronic, 50% of initial levels
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| Pricing date: | March 13
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| Settlement date: | March 18
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.35%
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| Cusip: | 22551NTA4
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