Published on 3/13/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1.14 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
| Columbus, Ohio, March 13 – | Credit Suisse AG, London Branch | priced $1.14 million of contingent coupon autocallable yield notes due March 11, 2024 linked to the lowest performing of the stocks of | Spirit Airlines, Inc., | SkyWest, Inc. | and | Sonos, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
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| The notes will pay a monthly coupon at an annualized rate of 19.1% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
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| The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly observation date starting Sept. 2.
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| 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.
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| Credit Suisse Securities (USA) LLC is the agent.
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Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Spirit Airlines, Inc., SkyWest, Inc. and Sonos, Inc.
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Amount: | $1,141,000
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Maturity: | March 11, 2024
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Coupon: | 19.1% 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 its initial level on any quarterly call date starting Sept. 2
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Initial levels: | $25.23 for Spirit Airlines, $24.56 for SkyWest, $11.20 for Sonos
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Coupon barriers: | $12.615 for Spirit Airlines, $21.51 for SkyWest, $5.60 for Sonos, 50% of initial levels
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Knock-in levels: | $12.615 for Spirit Airlines, $21.51 for SkyWest, $5.60 for Sonos, 50% of initial levels
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Pricing date: | March 2
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Settlement date: | March 9
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0%
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Cusip: | 22551NSQ0
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