Published on 1/14/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $3.08 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 14 – Credit Suisse AG, London Branch priced $3.08 million of contingent coupon autocallable yield notes due Jan. 18, 2022 linked to the lowest performing of the stocks of Goldman Sachs Group, Inc., Apple Inc. and Palo Alto Networks, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 6.2% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
Starting May 11, 2020, the notes will be called at par plus the coupon if each stock closes at or above 95% of its initial level on any monthly observation date until Aug. 10, 2020 when the trigger level will step down to 90% until Feb. 8, 2021, when it steps down to 85%.
The payout at maturity will be par unless any stock finishes below its 50% 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: | Goldman Sachs Group, Inc., Apple Inc. and Palo Alto Networks, Inc.
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| Amount: | $3,075,000
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| Maturity: | Jan. 18, 2022
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| Coupon: | 6.2% per year, payable monthly 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: | Starting May 11, 2020, at par plus coupon if each stock closes at or above 95% of initial level on any monthly observation date until Aug. 10, 2020 when the trigger level will step down to 90% until Feb. 8, 2021, when it steps down to 85%
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| Initial levels: | $237.76 for Goldman Sachs, $303.19 for Apple, $238.57 for Palo Alto Networks
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| Coupon barriers: | $118.88 for Goldman Sachs, $151.595 for Apple, $119.285 for Palo Alto Networks, 50% of initial levels
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| Knock-in levels: | $118.88 for Goldman Sachs, $151.595 for Apple, $119.285 for Palo Alto Networks, 50% of initial levels
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| Pricing date: | Jan. 10
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| Settlement date: | Jan. 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.7%
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| Cusip: | 22551NJ49
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