Published on 1/6/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.78 million contingent coupon autocallable yield notes on four stocks
By Sarah Lizee
Olympia, Wash., Jan. 6 – Credit Suisse AG, London Branch priced $1.78 million of contingent coupon autocallable yield notes due Dec. 31, 2024 linked to the lowest performing of the stocks of Bank of America Corp., Citigroup Inc., Goldman Sachs Group, Inc. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 9% if each stock closes at or above its barrier level, 55% of its initial level, on a related observation date.
After one year, the notes will be called at par plus the coupon if each stock closes above its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless any stock finishes below its 55% knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses.
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: | Bank of America Corp., Citigroup Inc., Goldman Sachs Group, Inc. and Wells Fargo & Co.
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| Amount: | $1,777,000
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| Maturity: | Dec. 31, 2024
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| Coupon: | 9% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case the payout will be par plus the return of the least performing stock with full exposure to losses
|
| Call: | After one year, at par plus coupon if each stock closes above initial level on any quarterly observation date other than final one
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| Initial levels: | $35.35 for BofA, $79.67 for Citi, $230.66 for Goldman, $53.92 for Wells
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| Coupon barrier levels: | $19.4425 for BofA, $43.8185 for Citi, $126.863 for Goldman, $29.656 for Wells, 55% of initial levels
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| Knock-in levels: | $19.4425 for BofA, $43.8185 for Citi, $126.863 for Goldman, $29.656 for Wells, 55% of initial levels
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| Pricing date: | Dec. 27
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| Settlement date: | Dec. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.16%
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| Cusip: | 22551NEV4
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