Published on 4/8/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $600,000 autocallable securities on S&P, Russell, Dow
Chicago, April 8 – Credit Suisse AG, London Branch priced $600,000 of 0% autocallable securities due March 27, 2025 linked to the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 22.5% if each underlying index closes at or above its initial level on any annual review date.
If the notes are not called and each index finishes at or above its initial level, the payout at maturity will be par plus the contingent return of 112.5%. If any index falls but each index finishes at or above its 65% knock-in level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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| Amount: | $600,000
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| Maturity: | March 27, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 112.5% if each index finishes at or above initial level; par if any index falls but none finish below knock-in level; otherwise, investors will be fully exposed to any decline of the least performing index
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| Call: | Automatically at par plus annualized redemption premium of 22.5% if each index closes at or above its initial level on any annual review date
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| Initial levels: | 2237.40 for S&P, 1002.417 for Russell, 18591.93 for Dow
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| Knock-in levels: | 1454.31 for S&P, 651.57105 for Russell, 12084.7545 for Dow; 65% of initial levels
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| Pricing date: | March 24
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| Settlement date: | March 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4.125%
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| Cusip: | 22551NVU7
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