Published on 9/18/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.5 million contingent coupon autocallables on stocks, ETF
By Kiku Steinfeld
Chicago, Sept. 18 – Credit Suisse AG, London Branch priced $1.5 million of contingent coupon autocallable yield notes due Sept. 15, 2026 linked to the lowest performing of two stocks and one fund. The underlying assets are the Alerian MLP exchange-traded fund and the common stocks of Boeing Co. and CF Industries Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 21.75% if each asset closes at or above its coupon barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each asset closes at or above its initial level on any monthly observation date after six months.
The payout at maturity will be par plus any final coupon unless any asset finishes below its 50% trigger level, in which case the payout will be par plus the return of the least performing asset 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 assets: | Boeing Co., Alerian MLP ETF and CF Industries Holdings, Inc.
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| Amount: | $1,500,000
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| Maturity: | Sept. 15, 2026
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| Coupon: | 21.75% per year, payable monthly if each asset closes at or above its coupon barrier level on any observation date
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any asset finishes below its trigger level, in which case, par plus return of least performing asset with full exposure to losses
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| Call: | At par plus coupon if each asset closes at or above its initial level on any monthly call date after six months
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| Initial levels: | $21.44 for Alerian, $157.69 for Boeing, $32.25 for CF
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| Coupon barriers: | $12.864 for Alerian, $94.614 for Boeing, $19.35 for CF, 60% of initial levels
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| Trigger levels: | $10.72 for Alerian, $78.845 for Boeing, $16.125 for CF, 50% of initial levels
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| Pricing date: | Sept. 10
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| Settlement date: | Sept. 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22552WJS5
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