Published on 8/4/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $561,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 4 – Credit Suisse AG, London Branch priced $561,000 of contingent coupon autocallable yield notes due July 30, 2026 linked to the lowest performing of the stocks of American Airlines Group Inc., Netflix, Inc. and McDonald’s Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 31% 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 after six months.
The payout at maturity will be par unless any stock finishes below its 50% 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: | American Airlines Group Inc., Netflix, Inc. and McDonald’s Corp.
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Amount: | $561,000
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Maturity: | July 30, 2026
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Coupon: | 31% 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 after six months
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Initial levels: | $11.39 for American, $495.65 for Netflix, $201.25 for McDonald’s
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Coupon barriers: | $6.834 for American, $297.39 for Netflix, $120.75 for McDonald’s, 60% of initial levels
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Knock-in levels: | $5.695 for American, $247.825 for Netflix, $100.625 for McDonald’s, 50% of initial levels
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Pricing date: | July 27
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Settlement date: | July 31
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.25%
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Cusip: | 22552WD28
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