Published on 3/26/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.62 million contingent coupon autocallable yield notes on four stocks
By Sarah Lizee
Olympia, Wash., March 26 – Credit Suisse AG, London Branch priced $1.62 million of contingent coupon autocallable yield notes due March 20, 2025 linked to the lowest performing of the stocks of Cisco Systems, Inc., Merck & Co., Inc., Pfizer Inc. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 12.75% if each stock closes at or above its barrier level, 60% 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 starting Sept. 16.
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.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Cisco Systems, Inc., Merck & Co., Inc., Pfizer Inc. and Verizon Communications Inc.
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| Amount: | $1,622,000
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| Maturity: | March 20, 2025
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| Coupon: | 12.75% per year, payable quarterly 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 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 starting Sept. 16
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| Initial levels: | $35.50 for Cisco, $74.48 for Merck, $32.16 for Pfizer, $54.31 for Verizon
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| Coupon barriers: | $21.30 for Cisco, $44.688 for Merck, $19.296 for Pfizer, $32.586 for Verizon, 60% of initial levels
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| Knock-in levels: | $21.30 for Cisco, $44.688 for Merck, $19.296 for Pfizer, $32.586 for Verizon, 60% of initial levels
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| Pricing date: | March 17
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| Settlement date: | March 20
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22551NUV6
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