Published on 5/1/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocallable yield notes on three stocks
By Kiku Steinfeld
Chicago, May 1 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due April 28, 2026 linked to the lowest performing of the stocks of Boeing Co., Amazon.com, Inc., and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 30.2% if each stock closes at or above its coupon barrier level, 60% 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 monthly observation date after six months.
The payout at maturity will be par plus any final coupon unless any stock finishes below its 50% trigger 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: | Boeing Co., Amazon.com, Inc. and Microsoft Corp.
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| Amount: | $1,000,000
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| Maturity: | April 28, 2026
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| Coupon: | 30.2% per year, payable monthly if each stock closes at or above its coupon barrier level on any observation date
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any stock finishes below its trigger level, in which case, par plus return of 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 monthly call date after six months
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| Initial levels: | $2,399.45 for Amazon.com, $137.74 for Boeing, $171.42 for Microsoft
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| Coupon barriers: | $1,199.725 for Amazon.com, $82.644 for Boeing, $102.852 for Microsoft, 60% of initial levels
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| Trigger levels: | $1,439.67 for Amazon.com, $68.87 for Boeing, $85.71 for Microsoft, 50% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 28
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22551NZM1
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