Published on 2/5/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $3.59 million contingent coupon autocallable yield notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 5 – Credit Suisse AG, London Branch priced $3.59 million of contingent coupon autocallable yield notes due Jan. 31, 2023 linked to the lowest performing of the stocks of Advance Auto Parts, Inc., Bank of America Corp. and United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 9.5% if each stock closes at or above its barrier level, 55% of its initial level, on a related observation date.
Starting July 28, the notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless any stock finishes below its 55% 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 and Incapital LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Advance Auto Parts, Inc., Bank of America Corp. and United Parcel Service, Inc.
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| Amount: | $3,587,000
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| Maturity: | Jan. 31, 2023
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| Coupon: | 9.5% 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: | Starting July 28, at par plus coupon if each stock closes at or above its initial level on any quarterly call date
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| Initial levels: | $138.58 for Advance, $33.24 for BofA, $115.37 for UPS
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| Coupon barriers: | $76.219 for Advance, $18.282 for BofA, $63.4535 for UPS, 55% of initial levels
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| Knock-in levels: | $76.219 for Advance, $18.282 for BofA, $63.4535 for UPS, 55% of initial levels
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| Pricing date: | Jan. 28
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| Settlement date: | Jan. 31
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| Agents: | Credit Suisse Securities (USA) LLC and Incapital LLC
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| Fees: | 3.5%
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| Cusip: | 22551NGG5
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