Published on 9/23/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $673,000 contingent coupon autocallables linked to three stocks
By Angela McDaniels
Tacoma, Wash., Sept. 23 – Credit Suisse AG, London Branch priced $673,000 of contingent coupon autocallable yield notes due Sept. 23, 2025 linked to the least performing of the common stock of Roku, Inc., the class A common stock of Constellation Brands, Inc. and the common stock of Philip Morris International Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above its coupon barrier level, 60% of its initial share price, on a monthly observation date, the notes will pay a contingent coupon at the rate of 21.75% per year plus all prior unpaid contingent coupons, if any.
Beginning Dec. 18, the notes will be automatically called at par if each stock closes at or above its initial share price on any monthly observation date.
The payout at maturity will be par unless any stock finishes below its knock-in level, 50% of its initial share price, in which case investors will be exposed to the decline of the least-performing stock from its initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Roku, Inc. (Symbol: ROKU), Constellation Brands, Inc. (Symbol: STZ) and Philip Morris International Inc. (Symbol: PM)
|
| Amount: | $673,000
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| Maturity: | Sept. 23, 2025
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| Coupon: | If each stock closes at or above coupon barrier level on monthly observation date, notes pay contingent coupon at rate of 21.75% per year plus all prior unpaid contingent coupons, if any
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case exposure to decline of least-performing stock from initial share price
|
| Call: | Beginning Dec. 18, automatically at par if each stock closes at or above initial share price on any monthly observation date
|
| Initial share prices: | $129.88 for Roku, $207.33 for Constellation and $71.56 for Philip Morris
|
| Coupon barriers: | $77.928 for Roku, $124.398 for Constellation and $42.936 for Philip Morris, or 60% of initial share prices
|
| Knock-in prices: | $64.94 for Roku, $103.665 for Constellation and $35.78 for Philip Morris, or 50% of initial share prices
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 23
|
| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.25%
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| Cusip: | 22552FWG3
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