Published on 12/30/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $716,000 contingent coupon autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Dec. 30 – Credit Suisse AG, London Branch priced $716,000 of contingent coupon autocallable yield notes due Dec. 29, 2023 linked to the lowest performing of the stocks of Comcast Corp., FOX Corp. and Twitter, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 9.85% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
Starting Dec. 22, 2020, the notes will be called at par plus the coupon if each stock closes at or above 100% of its initial level on any quarterly observation date other than the final one.
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.
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: | Comcast Corp., FOX Corp. and Twitter, Inc.
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| Amount: | $716,000
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| Maturity: | Dec. 29, 2023
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| Coupon: | 9.85% 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
|
| Call: | Starting Dec. 22, 2020, at par plus coupon if each stock closes at or above 100% of initial level on any quarterly observation date other than final one
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| Initial levels: | $44.09 for Comcast, $36.22 for FOX, $32.13 for Twitter
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| Coupon barrier/knock-in levels: | $22.045 for Comcast, $18.11 for FOX, $16.065 for Twitter, 50% of initial levels
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.4%
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| Cusip: | 22551NEX0
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