Published on 3/17/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $1 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, March 17 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due March 6, 2026 linked to the lowest performing of the stocks of Bank of America Corp., salesforce.com, inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 20% if each stock closes at or above its barrier level, 65% of its initial level, on a related observation date.
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 June 3.
The payout at maturity will be par unless any stock finishes below its 60% 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: | Bank of America Corp., salesforce.com, inc. and Netflix, Inc.
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| Amount: | $1 million
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| Maturity: | March 6, 2026
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| Coupon: | 20% per year, payable monthly 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 monthly call date starting June 3
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| Initial levels: | $27.75 for BofA, $169.37 for salesforce, $368.77 for Netflix
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| Coupon barriers: | $18.0375 for BofA, $110.0905 for salesforce, $239.7005 for Netflix, 65% of initial levels
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| Knock-in levels: | $16.65 for BofA, $101.622 for salesforce, $221.262 for Netflix, 60% of initial levels
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| Pricing date: | March 3
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| Settlement date: | March 6
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22551NTL0
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