Published on 2/5/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.1 million contingent coupon autocallable yield notes on three stocks
By Kiku Steinfeld
Chicago, Feb. 5 – Credit Suisse AG, London Branch priced $1.1 million of contingent coupon autocallable yield notes due Jan. 30, 2023 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underliers are Wells Fargo & Co., Netflix, Inc. and Boeing Co.
Contingent coupons are payable quarterly at an annual rate of 13.85% if each stock closes above its coupon barrier, 50% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if the shares of the least performing stock close at or above their initial price on any quarterly trigger observation date beginning after six months.
The payout at maturity will be par plus the coupon unless any of the stocks finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the worst performing underlying.
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., Netflix, Inc. and Boeing Co.
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| Amount: | $1,100,000
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| Maturity: | Jan. 30, 2023
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| Coupon: | 13.85% per year, payable quarterly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below knock-in price, in which case full exposure to losses of worst performing underlying
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| Call: | At par if all shares close at or above 100% of initial share price on any quarterly trigger observation date beginning after six months
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| Initial prices: | $48.56 for Wells Fargo, $326.00 for Netflix, $309.00 for Boeing
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| Coupon barriers: | $24.28 for Wells Fargo, $163.00 for Netflix, $154.50 for Boeing; 50% of initial levels
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| Knock-in levels: | $29.136 for Wells Fargo, $195.60 for Netflix, $185.40 for Boeing; 60% of initial levels
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| Pricing date: | Jan. 23
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| Settlement date: | Jan. 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.8%
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| Cusip: | 22551NKF2
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