Published on 8/5/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.85 million contingent coupon autocallable yield notes on stocks
By Sarah Lizee
Olympia, Wash., Aug. 5 – Credit Suisse AG, London Branch priced $1.85 million of contingent coupon autocallable yield notes due Aug. 12, 2021 linked to the lowest performing of the stocks of Chubb Corp., Cincinnati Financial Corp. and Markel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 21% if each stock closes at or above its barrier level, 70% 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 70% knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses.
J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Chubb Corp., Cincinnati Financial Corp. and Markel Corp.
|
| Amount: | $1.85 million
|
| Maturity: | Aug. 12, 2021
|
| Coupon: | 21% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| 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
|
| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly call date
|
| Initial levels: | $132.39 for Chubb, $82.45 for Cincinnati, $1,014.91 for Markel
|
| Coupon barriers: | $92.67 for Chubb, $57.72 for Cincinnati, $710.44 for Markel, 70% of initial levels
|
| Knock-in levels: | $92.67 for Chubb, $57.72 for Cincinnati, $710.44 for Markel, 70% of initial levels
|
| Pricing date: | July 28
|
| Settlement date: | July 31
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 22552WDF9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
