Published on 2/12/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.27 million contingent coupon autocallable yield notes on two stocks
By Sarah Lizee
Olympia, Wash., Feb. 12 – Credit Suisse AG, London Branch, priced $1.27 million of contingent coupon autocallable yield notes due Aug. 5, 2022 linked to the least performing of the stocks of Las Vegas Sands Corp. and Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 15.75% per year if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above 93% of its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless either stock finishes below its 70% knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level.
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: | Las Vegas Sands Corp. and Wynn Resorts, Ltd.
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| Amount: | $1,267,000
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| Maturity: | Aug. 5, 2022
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| Coupon: | 10% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level
|
| Call: | Par plus the coupon if each stock closes above 93% of its initial level on any quarterly trigger observation date
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| Initial levels: | $65.31 for Las Vegas Sands, $126.16 for Wynn
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| Call levels: | $60.7383 for Las Vegas Sands, $117.3288 for Wynn
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| Coupon barrier levels: | $45.717 for Las Vegas Sands, $88.312 for Wynn, or 70% of initial levels
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| Knock-in levels: | $45.717 for Las Vegas Sands, $88.312 for Wynn, or 70% of initial levels
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22551NL38
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