Published on 12/26/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $7.01 million contingent coupon autocallables on four stocks
By Taylor Fox
New York, Dec. 30 – Credit Suisse AG, London Branch, priced $7.01 million of contingent coupon autocallable yield notes due Dec. 22, 2023 linked to the least performing of the common stocks of CVS Health Corp., McDonald’s Corp., Johnson & Johnson and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 9% per year if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial price on any monthly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 60% knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | CVS Health Corp., McDonald’s Corp., Johnson & Johnson and Walt Disney Co.
|
| Amount: | $7,010,000
|
| Maturity: | Dec. 22, 2023
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| Coupon: | 9% per year, payable monthly if each underlying stock closes at or above its coupon barrier price on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price
|
| Call: | Par plus the coupon if each stock closes above its initial price on any monthly trigger observation date after six months
|
| Initial prices: | $69.59 for CVS, $214.25 for McDonald’s, $153.62 for Johnson & Johnson and $173.55 for Disney
|
| Coupon barrier/knock-in prices: | $41.754 for CVS, $128.55 for McDonald’s, $92.172 for Johnson & Johnson and $104.13 for Disney, 60% of initial prices
|
| Pricing date: | Dec. 17
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| Settlement date: | Dec. 22
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.7%
|
| Cusip: | 22552WWP6
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