Published on 7/28/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $2.73 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, July 28 – Credit Suisse AG, London Branch priced $2.73 million of contingent coupon autocallable yield notes due July 27, 2023 linked to the lowest performing of the stocks of Alphabet Inc., Cisco Systems, Inc., Intel Corp. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 9.85% 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 at or above its initial level on any monthly observation date starting Jan. 22, 2021.
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.
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: | Cisco Systems, Inc., Alphabet Inc., Intel Corp. and Microsoft Corp.
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Amount: | $2,725,000
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Maturity: | July 27, 2023
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Coupon: | 9.85% per year, payable monthly 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 monthly call date starting Jan. 22, 2021
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Initial levels: | $46.90 for Cisco, $1,564.85 for Alphabet, $61.05 for Intel, $211.75 for Microsoft
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Coupon barriers: | $28.14 for Cisco, $938.91 for Alphabet, $36.63 for Intel, $61.05 for Microsoft, 60% of initial levels
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Knock-in levels: | $28.14 for Cisco, $938.91 for Alphabet, $36.63 for Intel, $61.05 for Microsoft, 60% of initial levels
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Pricing date: | July 22
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Settlement date: | July 27
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.711%
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Cusip: | 22552WCK9
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