Published on 1/28/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $865,000 contingent coupon buffered autocalls on three stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 28 – Credit Suisse AG, London Branch priced $865,000 of contingent coupon buffered autocallable yield notes due Jan. 24, 2023 linked to the least performing of the common stocks of Qualcomm Inc., Square, Inc. and Skyworks Solutions, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 13% if each stock closes at or above its 60% coupon barrier on the related observation date.
The notes will be called at par if each stock closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless any stock falls by more than 20%, in which case investors will lose 1% for each 1% decline of the worst performing stock beyond the 20% buffer.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon buffered autocallable yield notes
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| Underlying stocks: | Qualcomm Inc., Square, Inc. and Skyworks Solutions, Inc.
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| Amount: | $865,000
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| Maturity: | Jan. 24, 2023
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| Coupon: | 13% annualized, payable quarterly if each index closes at or above its coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 20%, in which case 1% loss for each 1% decline of worse performing index beyond 20%
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| Call: | At par if each index closes at or above initial level on any observation date after six months
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| Initial levels: | $94.54 for Qualcomm, $68.31 for Square, $123.80 for Skyworks
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| Coupon barrier levels: | $56.724 for Qualcomm, $40.986 for Square, $74.28 for Skyworks, 60% of initial levels
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| Buffer levels: | $75.632 for Qualcomm, $54.648 for Square, $99.04 for Skyworks, 80% of initial levels
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| Agent: | Incapital LLC
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| Pricing date: | Jan. 21
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| Settlement date: | Jan. 24
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| Fees: | 3.5%
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| Cusip: | 22551NJV9
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