Published on 3/3/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.25 million contingent coupon autocallable yield notes on two stocks
By Wendy Van Sickle
Columbus, Ohio, March 3 – Credit Suisse AG, London Branch, priced $1.25 million of contingent coupon autocallable yield notes due March 3, 2025 linked to the least performing of the stocks of HCA Healthcare, Inc. and UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 9.25% per year if each stock closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial level on any quarterly trigger observation date after one year.
The payout at maturity will be par unless either stock finishes below its 60% knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level.
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: | HCA Healthcare, Inc. and UnitedHealth Group Inc.
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| Amount: | $1.25 million
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| Maturity: | March 3, 2025
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| Coupon: | 9.25% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing stock from its initial level
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| Call: | Par plus the coupon if each stock closes above its initial level on any quarterly trigger observation date after one year
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| Initial levels: | $128.37 for HCA, $263.00 for UnitedHealth
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| Coupon barrier levels: | $77.022 for HCA, $157.80 for UnitedHealth, or 60% of initial levels
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| Knock-in levels: | $77.022 for HCA, $157.80 for UnitedHealth, or 60% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | Feb. 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.35%
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| Cusip: | 22551NQG4
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