Published on 2/5/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $400,000 contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 5 – Credit Suisse AG, London Branch priced $400,000 of contingent coupon autocallable yield notes due Jan. 31, 2023 linked to the lowest performing of the stocks of KB Home, Lennar Corp. and Toll Brothers, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 10% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
Starting July 29, the notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly call observation date.
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.
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: | KB Home, Lennar Corp. and Toll Brothers, Inc.
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| Amount: | $400,000
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| Maturity: | Jan. 31, 2023
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| Coupon: | 10% 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: | Starting July 29, at par plus coupon if each stock closes at or above its initial level on any quarterly call date
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| Initial levels: | $38.43 for KB Home, $67.78 for Lennar, $45.26 for Toll Brothers
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| Coupon barriers: | $23.058 for KB Home, $40.668 for Lennar, $27.156 for Toll Brothers, 60% of initial levels
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| Knock-in levels: | $23.058 for KB Home, $40.668 for Lennar, $27.156 for Toll Brothers, 60% of initial levels
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| Pricing date: | Jan. 29
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22551NKA3
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