Published on 12/9/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $6 million contingent coupon buffered autocalls on three stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 9 – Credit Suisse AG, London Branch priced $6 million of contingent coupon buffered autocallable yield notes due Dec. 1, 2021 linked to the least performing of the common stocks of Caterpillar Inc., Deere & Co. and Schlumberger NV, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 20% if each stock closes at or above its 85% coupon barrier on the related observation date.
The notes will be called at par if each stock closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless any stock falls by more than 30%, in which case investors will lose 1% for each 1% decline of the worst performing stock beyond the 15% buffer.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon buffered autocallable yield notes
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| Underlying stocks: | Caterpillar Inc., Deere & Co. and Schlumberger NV
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| Amount: | $6 million
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| Maturity: | Dec. 1, 2021
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| Coupon: | 20% annualized, payable quarterly if each index closes at or above its coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than buffer, in which case 1% loss for each 1% decline of worse performing index beyond buffer
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| Call: | At par if each index closes at or above initial level on any observation date after six months
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| Initial levels: | $176.90 for Caterpillar, $261.51 for Deere, $22.23 for Schlumberger
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| Coupon barrier levels: | $150.365 for Caterpillar, $222.2835 for Deere, $18.8955 for Schlumberger, 85% of initial levels
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| Buffer levels: | $150.365 for Caterpillar, $222.2835 for Deere, $18.8955 for Schlumberger, 85% of initial levels
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| Agent: | Credit Suisse Securities (USA) LLC
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Fees: | 1.7%
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| Cusip: | 22552WUW3
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