Published on 12/24/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $11.27 million contingent coupon autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 24 – Credit Suisse AG, London Branch, priced $11.27 million of contingent coupon autocallable yield notes due Dec. 29, 2025 linked to the least performing of the stocks of Apple Inc., Boeing Co., Amazon.com, Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 12.1% per year if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial price on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 50% knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price.
Incapital 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: | Apple Inc., Boeing Co., Amazon.com, Inc. and JPMorgan Chase & Co.
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| Amount: | $11,266,000
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| Maturity: | Dec. 29, 2025
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| Coupon: | 12.1% per year, payable quarterly if each underlying asset closes at or above its coupon barrier price on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price
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| Call: | Par plus the coupon if each stock closes above its initial price on any quarterly trigger observation date after six months
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| Initial prices: | $131.88 for Apple, $218.78 for Boeing, $3,206.52 for Amazon and $121.67 for JPMorgan
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| Coupon barrier: | $79.128 for Apple, $131.268 for Boeing, $1,923.912 for Amazon and $73.002 for JPMorgan, 60% of initial prices
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| Knock-in prices: | $65.94 for Apple, $109.39 for Boeing, $1,603.26 for Amazon and $60.835 for JPMorgan, 50% of initial prices
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 24
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22552WZ81
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