Published on 7/18/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $990,000 contingent coupon autocallables on three stocks
By Marisa Wong
Los Angeles, July 18 – Credit Suisse AG, London Branch priced $990,000 of contingent coupon autocallable yield notes due July 21, 2025 linked to the least performing of the common stocks of Amazon.com, Inc., Lyft, Inc. and Zillow Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 29% if each stock closes at or above its coupon barrier, 60% of its initial price, on the related monthly observation date.
The notes will be automatically called at par if each stock closes at or above its initial price on any monthly trigger observation date after three months.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the least performing stock.
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: | Amazon.com, Inc. (Symbol: AMZN), Lyft, Inc. (Symbol: LYFT) and Zillow Group, Inc. (Symbol: ZG)
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| Amount: | $990,000
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| Maturity: | July 21, 2025
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| Coupon: | 29% per year, payable monthly if each stock closes at or above its coupon barrier on the related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in price, in which 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 its initial price on any monthly trigger observation date beginning Oct. 16
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| Initial prices: | $2,009.90 for Amazon, $64.80 for Lyft, $48.62 for Zillow
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| Coupon barriers: | $1,205.94 for Amazon, $38.88 for Lyft, $29.172 for Zillow; 60% of initial prices
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| Knock-in levels: | $1,004.95 for Amazon, $32.40 for Lyft, $24.31 for Zillow; 50% of initial prices
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| Pricing date: | July 16
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| Settlement date: | July 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.25%
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| Cusip: | 22552FNY4
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