Published on 9/6/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.26 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 6 – Credit Suisse AG, London Branch priced $1.26 million of contingent coupon autocallable yield notes due Sept. 6, 2022 linked to the lowest performing of the stocks of Target Corp., Lowe’s Cos., Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 15% if each stock closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above 90% of its initial level on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its 70% 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: | Target Corp., Lowe’s Cos., Inc. and Visa Inc.
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| Amount: | $1,256,000
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| Maturity: | Sept. 6, 2022
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| Coupon: | 15% per year, payable quarterly 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
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| Call: | At par if each stock closes above 90% of initial level on any quarterly observation date
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| Initial levels: | $107.93 for Target, $112.59 for Lowe’s, $181.17 for Visa
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| Coupon barrier levels: | $75.551 for Target, $78.813 for Lowe’s, $126.819 for Visa, 70% of initial levels
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| Knock-in levels: | $75.551 for Target, $78.813 for Lowe’s, $126.819 for Visa, 70% of initial levels
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| Pricing date: | Aug. 29
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| Settlement date: | Sept. 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.125%
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| Cusip: | 22552FSY9
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