Published on 12/5/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.45 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 5 – Credit Suisse AG, London Branch priced $1.45 million of contingent coupon autocallable yield notes due Nov. 29, 2022 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underliers are the Chevron Corp., Humana Inc. and JPMorgan Chase & Co.
Contingent coupons are payable monthly at an annual rate of 10.5% if each stock closes above its coupon barrier, 60% of its initial level, on the related observation date.
The notes will be called at par if the shares of the least performing stock close at or above 95% of their initial price on any quarterly trigger observation date.
The payout at maturity will be par unless any of the stocks finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the worst performing underlying.
Incapital 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: | Chevron Corp., Humana Inc. and JPMorgan Chase & Co.
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| Amount: | $1,454,000
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| Maturity: | Nov. 29, 2022
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| Coupon: | 10.5% per year, payable monthly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case full exposure to losses of worst performing underlying
|
| Call: | At par plus the coupon if all shares close at or above 95% of initial share price on any quarterly trigger observation date
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| Initial prices: | $118.38 for Chevron, $344.82 for Humana, $131.49 for JPMorgan
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| Coupon barriers: | $71.028 for Chevron, $206.892 for Humana, $78.894 for JPMorgan; 60% of initial levels
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| Knock-in levels: | $71.028 for Chevron, $206.892 for Humana, $78.894 for JPMorgan; 60% of initial levels
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| Pricing date: | Nov. 25
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| Settlement date: | Nov. 29
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| Agent: | Incapital LLC
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| Fees: | 3.5%
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| Cusip: | 22551N7F7
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