Published on 10/9/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.01 million contingent coupon autocallable yield notes on two stocks
By Kiku Steinfeld
Chicago, Oct. 9 – Credit Suisse AG, London Branch, priced $1.01 million of contingent coupon autocallable yield notes due April 3, 2023 linked to the least performing of the common stocks of Boeing Co. and Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 20% per year if each stock closes at or above its coupon barrier level, 64.5% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above 80% of its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either stock finishes below its 64.5% 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: | Boeing Co. and Delta Air Lines, Inc.
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| Amount: | $1,012,000
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| Maturity: | April 3, 2023
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| Coupon: | 20% 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 80% of its initial level on any quarterly trigger observation date
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| Initial levels: | $163.60 for Boeing, $30.61 for Delta
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| Coupon barrier levels: | $105.522 for Boeing, $19.74345 for Delta, or 64.5% of initial levels
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| Knock-in levels: | $105.522 for Boeing, $19.74345 for Delta, or 64.5% of initial levels
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 2
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 22552WN43
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