Published on 10/15/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $15 million step down trigger autocallables linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 15 – Credit Suisse AG, London Branch priced $15 million of 0% step down trigger autocallable notes due Oct. 15, 2024 linked to the least performing of the common stocks of Amazon.com, Inc., Facebook, Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus 13.9% per year if each stock closes at or above its initial share price on any annual call date or at or above its downside threshold, 50% of its initial share price, on Oct. 9, 2024.
If the notes are not subject to an automatic call, then the final share price of at least one stock will be less than its downside threshold, and investors will be exposed to the decline of the least-performing stock from its initial share price.
UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC are the underwriters.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Step down trigger autocallable notes
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| Underlying stock: | Amazon.com, Inc., Facebook, Inc. and JPMorgan Chase & Co.
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| Amount: | $15 million
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| Maturity: | Oct. 15, 2024
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| Coupon: | 0%
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| Price: | Par of $10.00
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| Payout at maturity: | Full exposure to decline of least-performing stock from initial share price
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| Call: | Automatically at par plus 13.9% per year if each stock closes at or above initial share price on an annual call date or at or above downside threshold on Oct. 9, 2024
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| Initial share prices: | $1,705.51 for Amazon.com, $177.75 for Facebook and $111.82 for JPMorgan
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| Downside thresholds: | $852.76 for Amazon.com, $88.88 for Facebook and $55.91 for JPMorgan, or 50% of initial share prices
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| Pricing date: | Oct. 9
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| Settlement date: | Oct. 15
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| Underwriters: | UBS Financial Services Inc. and Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22550K442
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