Published on 10/10/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $929,000 contingent coupon autocallable yield notes on three stocks
Chicago, Oct. 10 – Credit Suisse AG, London Branch priced $929,000 of contingent coupon autocallable yield notes due Sept. 26, 2023 linked to the lowest performing of the stocks of HP Inc., International Business Machines Corp. and Intel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 9.4% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level, the trigger level, on any quarterly observation date after one year.
The payout at maturity will be par unless any stock finishes below its 50% 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: | HP Inc., International Business Machines Corp. and Intel Corp.
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| Amount: | $929,000
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| Maturity: | Sept. 26, 2023
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| Coupon: | 9.4% per year, payable quarterly 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 if each stock closes above initial level on any quarterly observation date after one year
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| Initial levels: | $18.75 for HP, $142.97 for IBM, $51.57 for Intel
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| Coupon barrier levels: | $9.375 for HP, $71.485 for IBM, $25.785 for Intel, 50% of initial levels
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| Knock-in levels: | $9.375 for HP, $71.485 for IBM, $25.785 for Intel, 50% of initial levels
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| Pricing date: | Sept. 19
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| Settlement date: | Sept. 26
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 22552FWU2
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