Published on 1/17/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.19 million contingent coupon autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Jan. 17 – Credit Suisse AG, London Branch priced $1.19 million of contingent coupon autocallable yield notes due Jan. 17, 2025 linked to the lowest performing of the stocks of Advanced Micro Devices, Inc., Cimarex Energy Co. and Wayfair Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 22.6% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
Starting April 14, the notes will be called at par plus the coupon if each stock closes at or above 90% of its initial level on any monthly observation date.
The payout at maturity will be par unless any stock finishes below its 50% 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: | Advanced Micro Devices, Inc., Cimarex Energy Co. and Wayfair Inc.
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| Amount: | $1,185,000
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| Maturity: | Jan. 17, 2025
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| Coupon: | 22.6% per year, payable monthly 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
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| Call: | Starting April 14, at par plus coupon if each stock closes at or above 90% of its initial level on any monthly call date
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| Initial levels: | $48.21 for Advanced, $53.00 for Cimarex, $103.59 for Wayfair
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| Coupon barriers: | $28.926 for Advanced, $31.80 for Cimarex, $62.154 for Wayfair, 60% of initial levels
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| Knock-in levels: | $24.105 for Advanced, $26.50 for Cimarex, $51.795 for Wayfair, 50% of initial levels
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| Pricing date: | Jan. 14
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| Settlement date: | Jan. 17
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.35%
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| Cusip: | 22551NHP4
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