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Published on 8/23/2019 in the Prospect News Structured Products Daily.

New Issue: Credit Suisse $800,000 contingent coupon autocallable yield notes on three stocks

By Sarah Lizee

Olympia, Wash., Aug. 23 – Credit Suisse AG, London Branch priced $800,000 of contingent coupon autocallable yield notes due Aug. 28, 2023 linked to the lowest performing of the stocks of Valero Energy Corp., Phillips 66 and Marathon Petroleum Corp., 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 if each stock closes above its initial level on any observation date starting in February 2022.

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
Issue:Contingent coupon autocallable yield notes
Underlying stocks:Valero Energy Corp., Phillips 66 and Marathon Petroleum Corp.
Amount:$800,000
Maturity:Aug. 28, 2023
Coupon:11% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
Price:Par
Payout at maturity:Par unless any stock finishes below initial level 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:At par if each stock closes above initial level on any observation date starting in February 2022
Initial levels:$47.23 for Marathon, $99.30 for Phillips, $78.40 for Valero
Coupon barrier levels:$23.615 for Marathon, $49.65 for Phillips, $39.20 for Valero, 50% of initial levels
Knock-in levels:$23.615 for Marathon, $49.65 for Phillips, $39.20 for Valero, 50% of initial levels
Pricing date:Aug. 21
Settlement date:Aug. 28
Agent:Credit Suisse Securities (USA) LLC
Fees:None
Cusip:22552FTS1

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