Published on 9/15/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $600,000 contingent coupon autocallable yield notes on three stocks
By Kiku Steinfeld
Chicago, Sept. 15 – Credit Suisse AG, London Branch priced $600,000 of contingent coupon autocallable yield notes due March 3, 2023 linked to the least performing of the common stocks of Activision Blizzard, Inc., Electronic Arts Inc. and Take-Two Interactive Software, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 13.75% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its trigger level, 90% of its initial level, on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Activision Blizzard, Inc., Electronic Arts Inc. and Take-Two Interactive Software, Inc.
|
| Amount: | $600,000
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| Maturity: | March 3, 2023
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| Coupon: | 13.75% per year, payable quarterly if each stock closes at or above its coupon barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least performing stock
|
| Call: | Automatically if each stock closes at or above trigger level on any quarterly trigger observation date
|
| Initial prices: | $83.52 for Activision, $139.47 for Electronic Arts, $171.19 for Take-Two
|
| Coupon barriers: | $58.464 for Activision, $97.629 for Electronic Arts, $119.833 for Take-Two; 70% of initial levels
|
| Knock-in levels: | $58.464 for Activision, $97.629 for Electronic Arts, $119.833 for Take-Two; 70% of initial levels
|
| Trigger levels: | $75.168 for Activision, $125.523 for Electronic Arts, $154.071 for Take-Two; 90% of initial levels
|
| Pricing date: | Aug. 31
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| Settlement date: | Sept. 3
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.25%
|
| Cusip: | 22552WH81
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