Published on 12/3/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $525,000 contingent coupon autocallable yield notes on two stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 3 – Credit Suisse AG, London Branch, priced $525,000 of contingent coupon autocallable yield notes due May 25, 2023 linked to the least performing of the stocks of Workday, Inc. and Baidu, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 12% per year if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above 90% of its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either stock finishes below its 70% knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level.
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: | Workday, Inc. and Baidu, Inc.
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Amount: | $525,000
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Maturity: | May 25, 2023
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Coupon: | 12% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level
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Call: | Par plus the coupon if each stock closes above 90% of its initial level on any quarterly trigger observation date
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Initial levels: | $209.40 for Workday, $136.11 for Baidu
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Coupon barrier levels: | $146.58 for Workday, $95.277 for Baidu, or 70% of initial levels
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Knock-in levels: | $146.58 for Workday, $95.277 for Baidu, or 70% of initial levels
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Pricing date: | Nov. 20
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Settlement date: | Nov. 25
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3%
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Cusip: | 22552WTX3
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