Published on 8/19/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $149,000 autocallable securities on Dow, S&P, Nasdaq
By Sarah Lizee
Olympia, Wash., Aug. 19 – Credit Suisse AG, London Branch priced $149,000 of 0% autocallable securities due Aug. 21, 2023 linked to the Dow Jones industrial average, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 7% if each underlying index closes at or above 95% of its initial level on any annual review date.
If the notes are not called and each index finishes at or above 95% of its initial level, the payout at maturity will be par plus the contingent return of 21%. If any index falls by more than 5% but each index finishes at or above its 70% knock-in level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Nasdaq-100 index
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| Amount: | $149,000
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| Maturity: | Aug. 21, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 21% if each index finishes at or above 95% of initial level; par if any index falls by more than 5% but none finish below knock-in level; otherwise, investors will be fully exposed to any decline of the least performing index
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| Call: | Automatically at par plus annualized redemption premium of 7% if each index closes at or above 95% of its initial level on any annual review date
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| Initial levels: | 27931.02 for Dow, 3372.85 for S&P, 11164.45 for Nasdaq
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| Knock-in levels: | 2360.995 for S&P, 19551.714 for Dow, 7815.115 for Nasdaq; 70% of initial levels
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| Pricing date: | Aug. 14
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| Settlement date: | Aug. 19
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22552WEA9
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