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Published on 10/29/2020 in the Prospect News Structured Products Daily.

New Issue: Credit Suisse sells $1.25 million contingent coupon autocallable yield notes on Amazon

By Kiku Steinfeld

Chicago, Oct. 29 – Credit Suisse AG, London Branch, priced $1.25 million of contingent coupon autocallable yield notes due Nov. 10, 2021 linked to the common stock of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly payment at a rate of 20% per year if the stock closes at or above the coupon barrier level, 77.5% of the initial level, on any quarterly observation date, in which case any previously unpaid contingent coupons will also be paid.

The notes will be called at par plus the contingent coupon if the stock closes at or above initial price on any quarterly trigger observation date.

If the notes are not called, the payout at maturity will be par unless the stock finishes below the 77.5% knock-in level, in which case investors will lose 1% for each 1% decline of the stock.

J.P. Morgan Securities LLC is the placement agent.

Issuer:Credit Suisse AG, London Branch
Issue:Contingent coupon autocallable yield notes
Underlying stock:Amazon.com, Inc.
Amount:$1,250,000
Maturity:Nov. 10, 2021
Contingent payment:20% per year, payable quarterly plus any previously unpaid coupons if stock closes at or above coupon barrier level on observation date for that quarter
Price:Par
Payout at maturity:Par unless stock finishes below knock-in level, in which case investors will lose 1% for each 1% decline of the stock
Call:Automatically at par plus contingent coupon if the stock closes at or above its initial level on any quarterly trigger observation date
Initial level:$3,204.40
Coupon barrier/knock-ins:$2,483.41; 77.5% of initial level
Pricing date:Oct. 23
Settlement date:Oct. 27
Placement agent:J.P. Morgan Securities LLC
Fees:1%
Cusip:22552WQX6

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