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Published on 1/22/2020 in the Prospect News Structured Products Daily.

New Issue: Credit Suisse $4.68 million contingent coupon autocallable yield notes on pharma stocks

By Wendy Van Sickle

Columbus, Ohio, Jan. 22 – Credit Suisse AG, London Branch priced $4.68 million of contingent coupon autocallable yield notes due Jan. 23, 2023 linked to the lowest performing of the stocks of Bristol-Myers Squibb Co., Eli Lilly and Co., Merck & Co., Inc. and Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a monthly coupon at an annualized rate of 8.55% if each stock closes at or above its barrier level, 70% 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 monthly observation date after six months.

The payout at maturity will be par unless any stock finishes below its 70% 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
Issue:Contingent coupon autocallable yield notes
Underlying stocks:Bristol-Myers Squibb Co., Eli Lilly and Co., Merck & Co., Inc. and Pfizer Inc.
Amount:$4.68 million
Maturity:Jan. 23, 2023
Coupon:8.55% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
Price:Par
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:At par plus coupon if each stock closes at or above its initial level on any monthly call date after six months
Initial levels:$66.78 for Bristol-Myers, $141.43 for Eli Lilly, $91.18 for Merck, $40.61 for Pfizer
Coupon barriers:$40.068 for Bristol-Myers, $84.858 for Eli Lilly, $54.708 for Merck, $24.366 for Pfizer, 60% of initial levels
Knock-in levels:$40.068 for Bristol-Myers, $84.858 for Eli Lilly, $54.708 for Merck, $24.366 for Pfizer, 60% of initial levels
Pricing date:Jan. 16
Settlement date:Jan. 22
Agent:Credit Suisse Securities (USA) LLC
Fees:3.35%
Cusip:22551NHS8

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