Published on 12/4/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $901,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 4 – Credit Suisse AG, London Branch priced $901,000 of contingent coupon autocallable yield notes due Nov. 28, 2025 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Caterpillar Inc., Walt Disney Co., JPMorgan Chase & Co. and PulteGroup, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 14.25% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date starting May 25, 2021.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Incapital LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Caterpillar Inc., Walt Disney Co., JPMorgan Chase & Co. and PulteGroup, Inc.
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| Amount: | $901,000
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| Maturity: | Nov. 28, 2025
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| Coupon: | 14.25% 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 full exposure to the losses of the least-performing stock
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| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date starting May 25, 2021
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| Initial prices: | $176.90 for Caterpillar, $151.49 for Disney, $123.32 for JPMorgan and $43.98 for PulteGroup
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| Coupon barriers: | $106.14 for Caterpillar, $90.894 for Disney, $73.992 for JPMorgan and $26.388 for PulteGroup; 60% of initial levels
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| Knock-in levels: | $88.45 for Caterpillar, $75.745 for Disney, $61.66 for JPMorgan and $21.99 for PulteGroup; 50% of initial levels
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22552WUA1
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