Published on 8/23/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $800,000 contingent coupon autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, Aug. 24 – Credit Suisse AG, London Branch priced $800,000 of contingent coupon autocallable yield notes due Aug. 12, 2024 linked to the lowest performing of the stocks of Wells Fargo & Co., U.S. Bancorp and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 18% if each stock closes at or above its barrier level, 65% 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 monthly observation date after three months.
The payout at maturity will be par plus any coupon unless any stock finishes below its 60.65% 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: | Wells Fargo & Co., U.S. Bancorp and Bank of America Corp.
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| Amount: | $800,000
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| Maturity: | Aug. 12, 2024
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| Coupon: | 18% 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 plus any coupon 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 plus coupon if each stock closes at or above its initial level on any monthly call date after three months
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| Initial levels: | $24.88 for Bank of America, $36.84 for U.S. Bancorp, $24.26 for Wells Fargo
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| Coupon barriers: | $16.172 for Bank of America, $23.946 for U.S. Bancorp, $15.769 for Wells Fargo, 65% of initial levels
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| Knock-in levels: | $15.08972 for Bank of America, $22.34346 for U.S. Bancorp, $14.71369 for Wells Fargo; 60.65% of initial levels
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| Pricing date: | Aug. 5
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| Settlement date: | Aug. 10
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22552WEH4
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