By Wendy Van Sickle
Columbus, Ohio, Nov. 18 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due May 4, 2023 linked to the least performing of the class A common stock of Workday, Inc. and the common stock of PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 13.5% if each stock closes at or above its coupon barrier, 70% of its initial share price, on the observation date for that period.
The notes will be called at par if each stock closes at or above its call level, 90% of its initial share price, on any quarterly trigger observation date starting Feb. 1, 2021.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Workday, Inc. and PayPal Holdings, Inc.
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Amount: | $1 million
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Maturity: | May 4, 2023
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Coupon: | 13.5% 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 case full exposure to the losses of the least-performing stock
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Call: | Automatically at par if each stock closes at or above call level on any quarterly trigger observation date starting Feb. 1, 2021
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Initial prices: | $210.12 for Workday and $186.13 for PayPal
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Call levels: | $189.108 for Workday and $167.517 for PayPal
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Coupon barriers: | $147.084 for Workday and $130.291 for PayPal; 70% of initial share prices
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Knock-in levels: | $147.084 for Workday and $130.291 for PayPal; 70% of initial share prices
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Pricing date: | Oct. 30
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Settlement date: | Nov. 4
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.25%
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Cusip: | 22552WQT5
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