Published on 5/20/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.41 million contingent coupon buffered autocalls on three stocks
By Sarah Lizee
Olympia, Wash., May 20 – Credit Suisse AG, London Branch priced $1.41 million of contingent coupon buffered autocallable yield notes due May 20, 2022 linked to the least performing of the common stocks of Arista Networks, Inc., Square, Inc. and VMware, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 15.5% if each stock closes at or above its 60% coupon barrier on the related observation date.
The notes will be called at par if each stock closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless any stock falls by more than 20%, in which case investors will lose 1% for each 1% decline of the worst performing stock beyond the 20% buffer.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon buffered autocallable yield notes
|
| Underlying stocks: | Arista Networks, Inc., Square, Inc. and VMware, Inc.
|
| Amount: | $1,412,000
|
| Maturity: | May 20, 2022
|
| Coupon: | 15.5% annualized, payable quarterly if each index closes at or above its coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either index falls by more than 20%, in which case 1% loss for each 1% decline of worse performing index beyond 20%
|
| Call: | At par if each index closes at or above initial level on any observation date after six months
|
| Initial levels: | $248.70 for Arista, $65.23 for Square, $201.26 for VMware
|
| Coupon barrier levels: | $149.22 for Arista, $39.138 for Square, $120.756 for VMware, 60% of initial levels
|
| Buffer levels: | $198.96 for Arista, $52.184 for Square, $161.008 for VMware, 80% of initial levels
|
| Agent: | Incapital LLC
|
| Pricing date: | May 15
|
| Settlement date: | May 20
|
| Fees: | 3.5%
|
| Cusip: | 22552FFB3
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