Published on 6/9/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $10 million review notes on two stocks
By Sarah Lizee
Olympia, Wash., June 9 – Credit Suisse AG, London Branch priced $10 million of 0% review notes due June 9, 2023 linked to the least performing of the Expedia Group, Inc. and Wynn Resorts, Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a call premium of 32% per year if each underlying asset closes at or above its initial level on any annual review date, except for the final review date, in which case the call level will be 50% of each stock’s initial level.
If the notes are not called, the payout at maturity will be par plus the return of the worst performing stock.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Review notes
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Underlying assets: | Expedia Group, Inc. and Wynn Resorts, Ltd.
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Amount: | $10 million
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Maturity: | June 9, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | 1% loss for each 1% decline of worse performing stock, if notes are not called
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Call: | At par plus a call premium of 32% per year if each underlying asset closes at or above its initial level on any annual review date, except for the final review date, in which case the call level will be 50% of each stock’s initial level
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Initial levels: | $89.14 for Expedia, $93.50 for Wynn
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Pricing date: | June 4
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Settlement date: | June 9
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Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 0.55%
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Cusip: | 22552W6H3
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