Published on 9/3/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.64 million contingent coupon autocallable yield notes on stocks
By Sarah Lizee
Olympia, Wash., Sept. 3 – Credit Suisse AG, London Branch priced $1.64 million of contingent coupon autocallable yield notes due Sept. 3, 2025 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Tesla, Inc., Advanced Micro Devices, Inc. and Wayfair Inc.
The notes will pay a monthly contingent coupon at an annual rate of 26.5% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above 90% of its initial level on any quarterly trigger observation date after six months.
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.
The agent is Credit Suisse Securities (USA) LLC
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Tesla, Inc., Advanced Micro Devices, Inc. and Wayfair Inc.
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| Amount: | $1,637,000
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| Maturity: | Sept. 3, 2025
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| Coupon: | 26.5% per year, payable monthly if each stock closes at or above its barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which full exposure to the losses of the least performing stock
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| Call: | Automatically if each stock closes at or above 90% of initial level on any quarterly trigger observation date after six months
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| Initial prices: | $498.32 for Tesla, $90.82 for Advanced, $296.56 for Wayfair
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| Coupon barriers: | $298.992 for Tesla, $54.492 for Advanced, $177.936 for Wayfair; 60% of initial levels
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| Knock-in levels: | $249.16 for Tesla, $45.41 for Advanced, $148.28 for Wayfair; 50% of initial levels
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 3
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.65%
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| Cusip: | 22552WGK5
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