Published on 8/18/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $10 million autocallable fixed-income securities on Delta
By Sarah Lizee
Olympia, Wash., Aug. 18 – Credit Suisse AG, London Branch priced $10 million of 14.55% autocallable fixed-income securities due Aug. 18, 2021 linked to Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
Credit Suisse will call the notes at par of $1,000 plus a coupon if the shares close above their initial level on any quarterly observation date.
The payout at maturity will be par unless the shares finish below their 60% buffer level, in which case the payout will be a number of shares equal to $1,000 divided by the buffer level or, at the issuer’s option, an amount in cash equal to the value of those shares.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is a distributor.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Autocallable fixed-income securities
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Underlying shares: | Delta Air Lines, Inc.
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Amount: | $10 million
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Maturity: | Aug. 18, 2021
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Coupon: | 14.55%, payable quarterly
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Price: | Par of $1,000
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Payout at maturity: | Par unless shares finish below buffer level, in which case number of shares equal to $1,000 divided by buffer level or, at issuer’s option, amount in cash equal to value of those shares
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Call: | Automatically at par plus a coupon if shares close above initial level on any quarterly observation date
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Initial level: | $29.09
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Buffer level: | $17.45; 60% of initial level
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Pricing date: | Aug. 13
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Settlement date: | Aug. 18
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Agent: | Credit Suisse Securities (USA) LLC
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Distributor: | Morgan Stanley Smith Barney LLC
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Fees: | 0.2%
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Cusip: | 22550MHR3
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