Published on 9/17/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $32.11 million callable contingent income securities on stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 17 – Credit Suisse AG, London Branch priced $32.11 million of callable contingent income securities due Sept. 14, 2023 linked to the shares of Apple Inc., Amazon.com, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9.2% per year if each stock closes at or above its coupon barrier, 50% of its initial level, on the observation date that quarter.
The notes are callable at par quarterly.
The payout at maturity will be par unless the least-performing stock finishes below its knock-in level, 50% of its initial level, in which case investors will lose 1% for every 1% that the least-performing stock declines from its initial level.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is acting as distributor.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Callable contingent income securities
|
Underlying stocks: | Apple Inc., Amazon.com, Inc. and Microsoft Corp.
|
Amount: | $32,109,990
|
Maturity: | Sept. 14, 2023
|
Coupon: | 9.2% per year, payable quarterly if each stock closes at or above knock-in level on observation date that quarter
|
Price: | Par
|
Payout at maturity: | If each stock finishes at or above knock-in level, par; otherwise, 1% loss for every 1% that least-performing stock declines from initial level
|
Call option: | Quarterly at par
|
Initial levels: | $112.00 for Apple, $3,116.22 for Amazon, $204.03 for Microsoft
|
Coupon barrier levels: | $56.00 for Apple, $1,558.11 for Amazon, $102.015 for Microsoft, or 50% of initial levels
|
Knock-in levels: | $56.00 for Apple, $1,558.11 for Amazon, $102.015 for Microsoft, or 50% of initial levels
|
Pricing date: | Sept. 11
|
Settlement date: | Sept. 16
|
Agent: | Credit Suisse Securities (USA) LLC
|
Distributor: | Morgan Stanley Smith Barney LLC
|
Fees: | 2.5%
|
Cusip: | 22550X527
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.