Published on 7/4/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.82 million contingent coupon autocallable yield notes on Alphabet
By Kiku Steinfeld
Chicago, July 5 – Credit Suisse AG, London Branch, priced $1.82 million of contingent coupon autocallable yield notes due June 22, 2020 linked to Alphabet Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level, 76% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 10% per year.
If the closing share price is greater than or equal to the initial share price on Sept. 17, Dec. 17, or March. 17, 2020 the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called, the payout at maturity will be par unless the share price closes below the 76% knock-in price in which case investors will lose 1% for each 1% decline of the stock.
J.P. Morgan Securities 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 stock: | Alphabet Inc.
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| Amount: | $1,815,000
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| Maturity: | June 22, 2020
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| Contingent payment: | 10% per year, payable quarterly if stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless share price closes below 76% knock-in price, in which case 1% loss for each 1% decline
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| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on Sept. 17, Dec. 17, or March. 17, 2020
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| Initial share price: | $1,038.74
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| Coupon barrier/knock-in price: | $789.44, 76% of initial share price
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| Pricing date: | June 3
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| Settlement date: | June 6
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 22552FJL7
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