Published on 10/12/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $706,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 12 – Credit Suisse AG, London Branch priced $706,000 of contingent coupon autocallable yield notes with upper threshold feature due Sept. 29, 2023 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc., Walmart Inc. and United Rentals, Inc.
The notes will pay a monthly contingent coupon at an annual rate of 9.55% 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 its initial level on any quarterly trigger observation date starting March 25, 2021.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level and no stock finishes above its 100% upper threshold level, in which case investors will be fully exposed to any losses of the least-performing stock.
The agent is Incapital LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes with upper threshold feature
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| Underlying stocks: | Apple Inc., Walmart Inc. and United Rentals, Inc.
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| Amount: | $706,000
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| Maturity: | Sept. 29, 2023
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| Coupon: | 9.55% per year, payable monthly 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 knock-in level and no stock finishes above initial level, in which full exposure to the losses of the least performing stock
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date starting March 25, 2021
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| Initial prices: | $112.28 for Apple, $137.27 for Walmart, $168.14 for United Rentals
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| Coupon barriers: | $67.368 for Apple, $82.362 for Walmart, $100.884 for United Rentals; 60% of initial levels
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| Knock-in levels: | $67.368 for Apple, $82.362 for Walmart, $100.884 for United Rentals; 60% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | Incapital LLC
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| Fees: | 3.5%
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| Cusip: | 22552WL94
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