Published on 11/21/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $790,000 contingent coupon autocallable yield notes on three fast food stocks
Chicago, Nov. 21 – Credit Suisse AG, London Branch priced $790,000 of contingent coupon autocallable yield notes due May 5, 2022 tied to the lowest performing of the stocks of McDonald’s Corp., Chipotle Mexican Grill, Inc. and Yum! Brands, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 10% 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 95% of its initial level on any quarterly trigger 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: | McDonald’s Corp., Chipotle Mexican Grill, Inc. and Yum! Brands, Inc.
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| Amount: | $790,000
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| Maturity: | May 5, 2022
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| Coupon: | 10% 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
|
| Call: | At par if each stock closes above 95% of its initial level on any quarterly trigger observation date
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| Initial levels: | $196.70 for MCD, $778.16 for CMG, $101.71 for YUM
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| Coupon barrier levels: | $137.69 for MCD, $544.712 for CMG, $71.197 for YUM, 70% of initial levels
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| Knock-in levels: | $137.69 for MCD, $544.712 for CMG, $71.197 for YUM, 70% of initial levels
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| Pricing date: | Oct. 31
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| Settlement date: | Nov. 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22551N6T8
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