Published on 12/30/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $2.77 million contingent coupon autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Dec. 30 – Credit Suisse AG, London Branch priced $2.77 million of contingent coupon autocallable yield notes due Dec. 27, 2022 linked to the lowest performing of the stocks of Adobe Inc., Bristol-Myers Squibb Co. and Raytheon Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 10.5% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
Starting June 24, 2020, the notes will be called at par plus the coupon if each stock closes at or above 100% of its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses.
Incapital 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: | Adobe Inc., Bristol-Myers Squibb Co. and Raytheon Co.
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Amount: | $2,765,000
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Maturity: | Dec. 27, 2022
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Coupon: | 10.5% 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
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Call: | Starting June 24, 2020, at par plus coupon if each stock closes at or above 100% of initial level on any quarterly observation date other than final one
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Initial levels: | $328.95 for Adobe, $63.21 for Bristol-Myers, $219.87 for Raytheon
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Coupon barrier/knock-in levels: | $197.37 for Adobe, $37.926 for Bristol-Myers, $131.922 for Raytheon, 60% of initial levels
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Pricing date: | Dec. 23
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Settlement date: | Dec. 27
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Agent: | Incapital LLC
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Fees: | 3.5%
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Cusip: | 22551NDE3
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