Published on 12/15/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $975,000 contingent coupon autocallable yield notes on two stocks
By Kiku Steinfeld
Chicago, Dec. 15 – Credit Suisse AG, London Branch, priced $975,000 of contingent coupon autocallable yield notes due June 15, 2023 linked to the least performing of the stocks of Amazon.com, Inc. and Floor & Decor Holdings, Inc. according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 14.5% per year if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above 90% of its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either stock finishes below its 70% knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level.
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. and Floor & Decor Holdings, Inc.
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| Amount: | $975,000
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| Maturity: | June 15, 2023
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| Coupon: | 14.5% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level
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| Call: | Par plus the coupon if each stock closes above 90% of its initial level on any quarterly trigger observation date
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| Initial levels: | $3,101.49 for Amazon and $90.38 for Floor & Decor
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| Coupon barrier levels: | $2,171.043 for Amazon and $63.266 for Floor & Decor, 70% of initial levels
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| Knock-in levels: | $2,171.043 for Amazon and $63.266 for Floor & Decor, 70% of initial levels
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| Trigger levels: | $2,791.341 for Amazon and $81.342 for Floor & Decor, 90% of initial levels
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 22552WWT8
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