Published on 7/31/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse $850,000 contingent coupon autocallable yield notes on stocks
By Sarah Lizee
Olympia, Wash., July 31 – Credit Suisse AG, London Branch priced $850,000 of contingent coupon autocallable yield notes due Jan. 23, 2023 linked to the lowest performing of the stocks of Home Depot, Inc., Lowe’s Cos., Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11.5% if each stock closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its 70% 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: | Home Depot, Inc., Lowe’s Cos., Inc. and Walmart Inc.
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| Amount: | $850,000
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| Maturity: | Jan. 23, 2023
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| Coupon: | 11.5% 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 plus coupon if each stock closes at or above its initial level on any quarterly call date
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| Initial levels: | $260.17 for Home Depot, $144.10 for Lowe’s, $131.47 for Walmart
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| Coupon barriers: | $182.119 for Home Depot, $100.87 for Lowe’s, $92.029 for Walmart, 70% of initial levels
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| Knock-in levels: | $182.119 for Home Depot, $100.87 for Lowe’s, $92.029 for Walmart, 70% of initial levels
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| Pricing date: | July 20
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| Settlement date: | July 23
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 22552WC78
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