Published on 10/27/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.47 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – Credit Suisse AG, London Branch priced $1.47 million of contingent coupon autocallable yield notes due Oct. 23, 2023 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Universal Health Services, Inc., Microsoft Corp. and Morgan Stanley.
The notes will pay a monthly contingent coupon at an annual rate of 11.75% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date starting April 16, 2021.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Incapital LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Universal Health Services, Inc., Microsoft Corp. and Morgan Stanley
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| Amount: | $1,467,000
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| Maturity: | Oct. 23, 2023
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| Coupon: | 11.75% per year, payable monthly 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 full exposure to the losses of the least-performing stock
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| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date starting April 16, 2021
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| Initial prices: | $51.85 for Morgan Stanley, $219.66 for Microsoft, $112.89 for Universal Health
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| Coupon barriers: | $31.11 for Morgan Stanley, $131.796 for Microsoft, $67.734 for Universal Health; 60% of initial levels
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| Knock-in levels: | $31.11 for Morgan Stanley, $131.796 for Microsoft, $67.734 for Universal Health; 60% of initial levels
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 22
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| Agent: | Incapital LLC
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| Fees: | 3.5%
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| Cusip: | 22552WNL5
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