Published on 2/5/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.85 million contingent coupon autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 5 – Credit Suisse AG, London Branch priced $1.85 million of contingent coupon autocallable yield notes due Jan. 31, 2023 linked to the lowest performing of the stocks of Electronic Arts Inc., Activision Blizzard, Inc., Sony Corp. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 9.5% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
Starting July 28, the notes will be called at par plus the coupon if each stock closes at or above its initial level on any monthly observation date.
The payout at maturity will be par unless any stock finishes below its 60% 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: | Electronic Arts Inc., Activision Blizzard, Inc., Sony Corp. and Microsoft Corp.
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| Amount: | $1.85 million
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| Maturity: | Jan. 31, 2023
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| Coupon: | 9.5% per year, payable monthly 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: | Starting July 28, at par plus coupon if each stock closes at or above its initial level on any monthly call date
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| Initial levels: | $111.90 for Electronic Arts, $60.03 for Activision Blizzard, $72.02 for Sony, $165.46 for Microsoft
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| Coupon barriers: | $67.14 for Electronic Arts, $36.02 for Activision Blizzard, $43.21 for Sony, $99.28 for Microsoft, 60% of initial levels
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| Knock-in levels: | $67.14 for Electronic Arts, $36.02 for Activision Blizzard, $43.21 for Sony, $99.28 for Microsoft, 60% of initial levels
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| Pricing date: | Jan. 28
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| Settlement date: | Jan. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.59%
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| Cusip: | 22551NKS4
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