Published on 11/24/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon callable yield notes on three stocks
By Kiku Steinfeld
Chicago, Nov. 24 – Credit Suisse AG, London Branch priced $1 million of contingent coupon callable yield notes due Nov. 17, 2022 linked to the common stocks of Amazon.com, Inc., CrowdStrike Holdings, Inc. and Shopify Inc., according to a 424B2 filed with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 19% if each stock closes at or above its coupon barrier, 50% of its initial level, on every day of that quarter.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
The notes will be callable at par on any quarterly call date.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | Amazon.com, Inc., CrowdStrike Holdings, Inc. and Shopify Inc.
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| Amount: | $1 million
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| Maturity: | Nov. 17, 2022
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| Coupon: | 19% per year, payable each quarter if each stock closes at or above coupon barrier on every day of that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any stock finishes below knock-in level, in which case 1% loss for each 1% decline of worst performing stock
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| Call option: | At par on any quarterly call date
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| Initial levels: | $3,110.28 for Amazon, $137.30 for CrowdStrike, $925.80 for Shopify
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| Coupon barriers: | $1,555.14 for Amazon, $68.65 for CrowdStrike, $462.90 Shopify; 50% of initial levels
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| Knock-in levels: | $1,555.14 for Amazon, $68.65 for CrowdStrike, $462.90 Shopify; 50% of initial levels
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| Pricing date: | Nov. 13
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| Settlement date: | Nov. 18
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22552WT62
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