Published on 11/22/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $807,000 contingent coupon autocallable yield notes on stocks
By Taylor Fox
New York, Nov. 23 – Credit Suisse AG, London Branch priced $807,000 of contingent coupon autocallable yield notes due Nov. 17, 2025 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc., Boeing Co., Bank of America Corp. and Cisco Systems, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 12.8% 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 May 12, 2021.
The payout at maturity will be par unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to the 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
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| Underlying stocks: | Apple Inc., Boeing Co., Bank of America Corp. and Cisco Systems, Inc.
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| Amount: | $807,000
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| Maturity: | Nov. 17, 2025
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| Coupon: | 12.8% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case 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 May 12, 2021
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| Initial prices: | $119.49 for Apple, $176.72 for Boeing, $26.69 for BofA and $38.67 for Cisco
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| Coupon barriers: | $71.526 for Apple, $106.032 for Boeing, $16.014 for BofA and $23.202 for Cisco; 60% of initial levels
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| Knock-in levels: | $59.605 for Apple, $88.36 for Boeing, $13.345 for America and $19.335 for Cisco; 50% of initial levels
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| Pricing date: | Nov. 12
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| Settlement date: | Nov. 17
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22552WSP1
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