Published on 7/8/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $110,000 contingent coupon autocallable yield notes on stocks
By Sarah Lizee
Olympia, Wash., July 8 – Credit Suisse AG, London Branch priced $110,000 of contingent coupon autocallable yield notes due July 3, 2023 linked to the lowest performing of the stocks of Archer-Daniels-Midland Co., Kellogg Co. and PNC Financial Services Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly observation date starting Dec. 29.
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.
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: | Archer-Daniels-Midland Co., Kellogg Co. and PNC Financial Services Group, Inc.
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Amount: | $110,000
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Maturity: | July 3, 2023
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Coupon: | 11% 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
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Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly call date starting Dec. 29
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Initial levels: | $39.66 for Archer, $65.08 for Kellogg, $102.83 for PNC
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Coupon barriers: | $19.83 for Archer, $32.54 for Kellogg, $51.415 for PNC, 50% of initial levels
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Knock-in levels: | $19.83 for Archer, $32.54 for Kellogg, $51.415 for PNC, 50% of initial levels
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Pricing date: | June 29
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Settlement date: | July 2
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Agent: | Incapital LLC
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Fees: | 3.5%
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Cusip: | 22552WA88
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