Published on 7/8/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $800,000 contingent coupon autocallable yield notes on two stocks
By Sarah Lizee
Olympia, Wash., July 8 – Credit Suisse AG, London Branch priced $800,000 of contingent coupon autocallable yield notes due Jan. 3, 2023 linked to the common stocks of Boeing Co. and Delta Airlines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above the coupon barrier level, 50% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 20% per year.
The notes will be called at par plus the contingent coupon if each stock closes at or above 75% of its initial share price on any quarterly observation date other than the final observation date.
If the notes are not called, the payout at maturity will be par unless either stock finishes below the 50% knock-in level, in which case investors will lose 1% for each 1% decline of the laggard stock.
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. and Delta Airlines, Inc.
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| Amount: | $800,000
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| Maturity: | Jan. 3, 2023
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| Contingent payment: | 20% per year, payable quarterly if each stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below knock-in, in which case investors will lose 1% for each 1% decline of laggard stock
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above 75% of its initial level on any quarterly observation date other than final observation date
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| Initial share price: | $194.49 for Boeing, $28.61 for Delta
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| Call levels: | $145.8675 for Boeing, $21.4575 for Delta, 75% of initial share prices
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| Coupon barrier/knock-in levels: | $97.245 for Boeing, $14.305 for Delta; 50% of initial share prices
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| Pricing date: | June 29
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| Settlement date: | July 2
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 22552WAM7
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