Published on 5/28/2019 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.13 million contingent coupon autocallable yield notes on DocuSign
Chicago, May 28 – Credit Suisse AG, London Branch, priced $1.13 million of contingent coupon autocallable yield notes due May 21, 2021 linked to DocuSign, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
If DocuSign stock closes at or above the coupon barrier level, 70% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that month at a rate of 16.85% per year.
If the closing share price is greater than or equal to the initial share price on Aug. 14, Nov. 13, Feb. 12, 2020, May 13, 2020, Aug. 12, 2020, Nov. 12, 2020 or Feb. 11, 2021, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called, the payout at maturity will be par unless the final level is less than the 70% knock-in level, in which case investors will lose 1% for each 1% decline of the stock.
The final level will be determined as an arithmetic average of the closing levels of the stock on the five continuous valuation dates between May 12, 2021 and May 18, 2021.
J.P. Morgan Securities 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 stock: | DocuSign.com, Inc. (Nasdaq: DOCU)
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| Amount: | $1,125,000
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| Maturity: | May 21, 2021
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| Contingent payment: | 16.85% per year, payable quarterly if DocuSign stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par, unless share price closes below 70% knock-in price, in which case 1% loss for each 1% decline
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| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on Aug. 14, Nov. 13, Feb. 12, 2020, May 13, 2020, Aug. 12, 2020, Nov. 12, 2020 or Feb. 11, 2021
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| Initial share price: | $52.54
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| Coupon barrier/knock-in price: | $36.78, 70% of initial share price
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| Pricing date: | May 14
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| Settlement date: | May 17
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| Agents: | J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 22552FFK3
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