Published on 3/12/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.14 million contingent coupon autocallable yield notes on two stocks
By Sarah Lizee
Olympia, Wash., March 12 – Credit Suisse AG, London Branch priced $1.14 million of contingent coupon autocallable yield notes due Sept. 6, 2022 linked to the common stocks of Roku, Inc. and Seagate Technology plc, according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above the coupon barrier level, 60% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 15.75% per year.
The notes will be called at par plus the contingent coupon if each stock closes at or above 85% of its initial share price on any quarterly observation date other than the final observation date.
If the notes are not called, the payout at maturity will be par unless either stock finishes below the 60% knock-in level, in which case investors will lose 1% for each 1% decline of the laggard stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Roku, Inc. and Seagate Technology plc
|
| Amount: | $1,136,000
|
| Maturity: | Sept. 6, 2022
|
| Contingent payment: | 11.55% per year, payable quarterly if each stock closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either stock finishes below knock-in, in which case investors will lose 1% for each 1% decline of laggard stock
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above 85% of its initial level on any quarterly observation date other than final observation date
|
| Initial share price: | $113.67 for Roku, $47.95 for Seagate
|
| Call levels: | $96.6195 for Roku, $40.7575 for Seagate, 85% of initial share prices
|
| Coupon barrier/knock-in levels: | $68.202 for Roku, $28.77; 60% of initial share prices
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 4
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3%
|
| Cusip: | 22551NPC4
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
