Published on 11/14/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 14 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due Nov. 6, 2025 linked to the lowest performing of the stocks of Boeing Co., salesforce.com, inc. and Pioneer Natural Resources Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 18.8% 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 if each stock closes above its initial level on any monthly call observation date after three months.
The payout at maturity will be par unless any stock finishes below its 50% 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
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Boeing Co., salesforce.com, inc. and Pioneer Natural Resources Co.
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| Amount: | $1 million
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| Maturity: | Nov. 6, 2025
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| Coupon: | 18.8% per year, payable monthly 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
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| Call: | At par if each stock closes above initial level on any monthly call observation date after three months
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| Initial levels: | $345.19 for Boeing, $159.74 for salesforce.com, $127.56 for Pioneer
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| Coupon barrier levels: | $207.114 for Boeing, $95.844 for salesforce.com, $76.536 for Pioneer, 60% of initial levels
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| Knock-in levels: | $172.595 for Boeing, $79.87 for salesforce.com, $63.78 for Pioneer, 50% of initial levels
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| Pricing date: | Nov. 1
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| Settlement date: | Nov. 6
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.5%
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| Cusip: | 22551N6N1
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