Published on 3/23/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.28 million contingent coupon autocallable yield notes on tech stocks
By Wendy Van Sickle
Columbus, Ohio, March 23 – Credit Suisse AG, London Branch priced $1.28 million of contingent coupon autocallable yield notes due March 13, 2025 linked to the lowest performing of the stocks of Apple Inc., Amazon.com, Inc., Microsoft Corp. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 10.75% 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 quarterly observation date.
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.
Incapital 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: | Apple Inc., Amazon.com, Inc., Microsoft Corp. and Alphabet Inc.
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| Amount: | $1,277,000
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| Maturity: | March 13, 2025
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| Coupon: | 10.75% per year, payable quarterly 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 quarterly call date
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| Initial levels: | $285.34 for Apple, $1,891.82 for Amazon.com, $1,280.39 for Alphabet, $160.92 for Microsoft
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| Coupon barriers: | $171.204 for Apple, $1,135.092 for Amazon.com, $768.234 for Alphabet, $96.552 for Microsoft, 60% of initial levels
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| Knock-in levels: | $171.204 for Apple, $1,135.092 for Amazon.com, $768.234 for Alphabet, $96.552 for Microsoft, 60% of initial levels
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| Pricing date: | March 10
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| Settlement date: | March 13
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22551NRW8
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