Published on 12/30/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $695,000 contingent coupon autocallable yield notes on four stocks
By Sarah Lizee
Olympia, Wash., Dec. 30 – Credit Suisse AG, London Branch priced $695,000 of contingent coupon autocallable yield notes due Dec. 27, 2024 linked to the lowest performing of the stocks of Amazon.com, Inc., Apple Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 9.25% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes above 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: | Amazon.com, Inc., Apple Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $695,000
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| Maturity: | Dec. 27, 2024
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| Coupon: | 9.25% 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
|
| Call: | At par plus coupon if each stock closes above initial level on any quarterly observation date other than final one
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| Initial levels: | $284 for Apple, $1,793 for Amazon, $1,348.84 for Alphabet, $157.41 for Microsoft
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| Coupon barrier levels: | $170.4 for Apple, $1,075.80 for Amazon, $809.304 for Alphabet, $94.446 for Microsoft, 60% of initial levels
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| Knock-in levels: | $170.4 for Apple, $1,075.80 for Amazon, $809.304 for Alphabet, $94.446 for Microsoft, 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: | 4%
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| Cusip: | 22551NEA0
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