Published on 12/30/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $2.25 million contingent coupon autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Dec. 30 – Credit Suisse AG, London Branch priced $2.25 million of contingent coupon autocallable yield notes due Dec. 30, 2022 linked to the lowest performing of the stocks of AbbVie Inc., Amgen Inc. and Bristol-Myers Squibb Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 12.5% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
Starting June 23, 2020, the notes will be called at par plus the coupon if each stock closes at or above 100% of its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | AbbVie Inc., Amgen Inc. and Bristol-Myers Squibb Co.
|
| Amount: | $2,252,000
|
| Maturity: | Dec. 30, 2022
|
| Coupon: | 12.5% 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: | Starting June 23, 2020, at par plus coupon if each stock closes at or above 100% of initial level on any quarterly observation date other than final one
|
| Initial levels: | $89.29 for AbbVie, $243.06 for Amgen, $63.51 for Bristol-Myers
|
| Coupon barrier/knock-in levels: | $53.574 for AbbVie, $145.836 for Amgen, $38.106 for Bristol-Myers, 60% of initial levels
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22551NEJ1
|
|
|
© 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.
