Published on 5/20/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $220,000 contingent market-linked autocalls on Dow
By Wendy Van Sickle
Columbus, Ohio, May 20 – Credit Suisse AG, London Branch priced $220,000 of market-linked securities due May 18, 2023 – autocallable with contingent coupon and contingent downside linked to the least performing of the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if the index closes at or above its 75% coupon threshold on the observation date for that quarter.
The notes will be called at par if the index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless the index finishes below its 75% downside threshold, in which case the payout will be par plus the return of index with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying index: | Dow Jones industrial average
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| Amount: | $220,000
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| Maturity: | May 18, 2023
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| Coupon: | 8% annualized, payable quarterly if the index closes at or above 75% coupon threshold on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 25%, in which case 1% loss per 1% decline of worst performing index
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| Call: | At par if index closes at or above its initial level on any interest payment date beginning in November
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| Initial level: | 23,685.42
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| Coupon threshold/downside threshold: | 17,764.065, 75% of initial level
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| Pricing date: | May 15
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| Settlement date: | May 20
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.33%
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| Cusip: | 22552W2Y0
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