Published on 10/17/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $300,000 autocallable securities on three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 17 – Credit Suisse AG, London Branch priced $300,000 of 0% autocallable securities due Oct. 18, 2021 linked to the shares of PayPal Holdings, Inc., Square, Inc. and Visa Inc., 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% if each underlying stock closes at or above its initial level on either semiannual review date.
If the notes are not called and each stock finishes at or above its initial level, the payout at maturity will be par plus the contingent return of 24%. If any stock falls but each stock finishes at or above its 50% knock-in level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying stocks: | PayPal Holdings, Inc., Square, Inc. and Visa Inc.
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| Amount: | $300,000
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| Maturity: | Oct. 18, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 24% if each stock finishes at or above initial level; par if any stock falls but none finish below knock-in level; otherwise, investors will be fully exposed to any decline of the least performing stock
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| Call: | Automatically at par plus annualized redemption premium of 12% if each stock closes at or above its initial level on either semiannual review date
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| Initial levels: | $100.54 for PayPal, $62.03 for Square, $174.88 for Visa
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| Knock-in levels: | $50.27 for PayPal, $31.015 for Square, $87.44 for Visa; 50% of initial levels
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22551N3D6
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