Published on 6/10/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $500,000 contingent coupon autocallable yield notes on bank stocks
By Wendy Van Sickle
Columbus, Ohio, June 10 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due Dec. 5, 2022 linked to the lowest performing of the stocks of JPMorgan Chase & Co. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 12% if each stock closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its 70% 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: | JPMorgan Chase & Co. and Goldman Sachs Group, Inc.
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| Amount: | $500,000
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| Maturity: | Dec. 5, 2022
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| Coupon: | 12% 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: | At par plus coupon if each stock closes at or above its initial level on any quarterly call date
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| Initial levels: | $97.31 for JPMorgan and $196.49 for Goldman
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| Coupon barriers: | $68.117 for JPMorgan, $137.543 for Goldman, 70% of initial levels
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| Knock-in levels: | $68.117 for JPMorgan, $137.543 for Goldman, 70% of initial levels
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| Pricing date: | May 29
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| Settlement date: | June 3
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 22552W5C5
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