Published on 12/4/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.43 million autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Dec. 4 – Credit Suisse AG, London Branch priced $1.43 million of autocallable yield notes due May 27, 2021 linked to the common stocks of Alibaba Group Holding Ltd., salesforce.com, inc. and Merck & Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at a rate of 5.5% year.
The notes will be automatically called at par plus the coupon if each stock closes at or above its trigger level on any monthly trigger observation date after three months. The trigger level will be 100% of each stock’s initial level.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to any losses of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable yield notes
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| Underlying stocks: | Alibaba Group Holding Ltd., salesforce.com, inc. and Merck & Co., Inc.
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| Amount: | $1,433,000
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| Maturity: | May 27, 2021
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| Coupon: | 5.5% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case full exposure to the losses of the least performing stock
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| Call: | Notes will be automatically called at par plus the coupon if each stock closes at or above 100% of initial level on any monthly trigger observation date after three months
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| Initial prices: | $185.25 for Alibaba, $163.96 for salesforce, $84.65 for Merck
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| Knock-in levels: | $92.625 for Alibaba, $81.98 for salesforce, $42.325 for Merck; 50% of initial prices
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 27
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.75%
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| Cusip: | 22549JZ52
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