Published on 2/21/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $614,000 contingent coupon callable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 21 – Credit Suisse AG, London Branch priced $614,000 of contingent coupon callable yield notes due Feb. 21, 2023 linked to the lowest performing of the stocks of Chevron Corp., Phillips 66 and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 13.7% if each stock closes at or above its coupon barrier level, 70% of its initial level, on a related observation date.
The notes may be called at par plus any coupon due on quarterly redemption date after six months.
The payout at maturity will be par unless any index finishes below its 70% knock-in level, in which case investors will fully participate in the return of least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | Chevron Corp., Phillips 66 and Exxon Mobil Corp.
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| Amount: | $614,000
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| Maturity: | Feb. 21, 2023
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| Coupon: | 13.7% per year, payable quarterly if each stock closes at or above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its 70% knock-in level, in which case investors will fully participate in the return of least-performing stock
|
| Call: | At par plus any coupon on any payment date after six months
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| Initial levels: | $111.66 for Chevron, $90.34 for Phillips 66, $60.93 for Exxon Mobil
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| Coupon barrier levels: | $78.162 for Chevron, $63.238 for Phillips 66 and $42.651 for Exxon Mobil, 70% of initial levels
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| Knock-in levels: | $78.162 for Chevron, $63.238 for Phillips 66 and $42.651 for Exxon Mobil, 70% of initial levels
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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| Placement agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.35%
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| Cusip: | 22551NQ33
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