Published on 12/16/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.72 million contingent coupon autocallable yield notes on three stocks
By Kiku Steinfeld
Chicago, Dec. 16 – Credit Suisse AG, London Branch priced $1.72 million of contingent coupon autocallable yield notes due June. 6, 2022 linked to the lowest performing of the stocks of PayPal Holdings, Inc., salesforce.com, inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 10% if each stock closes at or above its barrier level, 70% 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 92% of its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless any stock finishes below its 70% 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: | PayPal Holdings, Inc., salesforce.com, inc. and Amazon.com, Inc.
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| Amount: | $1,715,000
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| Maturity: | June 6, 2022
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| Coupon: | 10% 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 92% of initial level on any quarterly observation date other than final one
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| Initial levels: | $108.01 for PayPal, $162.89 for salesforce.com, $1800.80 for Amazon.com
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| Coupon barrier/knock-in levels: | $75.607 for PayPal, $114.023 for salesforce.com, $1260.56 for Amazon.com, 70% of initial levels
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22551NAM8
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