Published on 12/5/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $200,000 contingent coupon buffered autocalls on index, ETF
By Wendy Van Sickle
Columbus, Ohio, Dec. 5 – Credit Suisse AG, London Branch priced $200,000 of contingent coupon buffered autocallable yield notes due Nov. 29, 2022 linked to the least performing of the Nasdaq-100 index and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 11.5% if each asset closes at or above its 80% coupon barrier on the related monthly observation date.
The notes will be called at par if each asset closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par unless either asset falls by more than 20%, in which case investors will lose 1% for each 1% decline of the worse performing asset beyond the 20% buffer.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon buffered autocallable yield notes
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| Underlying assets: | Nasdaq-100 index, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $200,000
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| Maturity: | Nov. 29, 2022
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| Coupon: | 11.5% annualized, payable monthly if each asset closes at or above its coupon barrier on related monthly observation date
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| Price: | Par
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| Payout at maturity: | Par unless either asset falls by more than 20%, in which case 1% loss for each 1% decline of worse performing asset beyond 20%
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| Call: | At par if each asset closes at or above initial level on any monthly call observation date after six months
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| Initial levels: | 3,164.40 for index, $21.23 for fund
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| Coupon barriers/buffer levels: | 6,697.5424 for index, $16.984 for fund; 80% of initial levels
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| Agent: | Incapital LLC
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| Pricing date: | Nov. 25
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| Settlement date: | Nov. 29
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| Fees: | 2.75%
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| Cusip: | 22551N6M3
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