Published on 12/16/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $678,000 contingent coupon buffered autocalls on ETFs
By Sarah Lizee
Olympia, Wash., Dec. 16 – Credit Suisse AG, London Branch priced $678,000 of contingent coupon buffered autocallable yield notes due Dec. 5, 2022 linked to the least performing of the United States Oil Fund, LP and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 6.4% if each asset closes at or above its 75% coupon barrier on the related monthly observation date.
The notes will be called at par if each asset closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par unless either asset falls by more than 30%, in which case investors will lose 1% for each 1% decline of the worse performing asset beyond the 30% buffer.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon buffered autocallable yield notes
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| Underlying assets: | United States Oil Fund, LP and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $678,000
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| Maturity: | Dec. 5, 2022
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| Coupon: | 6.4% annualized, payable monthly if each asset closes at or above its coupon barrier on related monthly observation date
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| Price: | Par
|
| Payout at maturity: | Par unless either asset falls by more than 30%, in which case 1% loss for each 1% decline of worse performing asset beyond 30%
|
| Call: | At par if each asset closes at or above initial level on any monthly call observation date after one year
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| Initial levels: | $12.14 for United States Oil Fund, $20.85 for SPDR S&P Oil
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| Coupon barriers: | $9.105 for United States Oil Fund, $15.6375 for SPDR S&P Oil; 75% of initial levels
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| Buffer levels: | $8.498 for United States Oil Fund, $14.595 for SPDR S&P Oil; 70% of initial levels
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| Agent: | Incapital LLC
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| Pricing date: | Nov. 27
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| Settlement date: | Dec. 3
|
| Fees: | 2.9%
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| Cusip: | 22551NBL9
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