Published on 2/21/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $698,000 contingent coupon autocallable yield notes on three stocks
By Sarah Lizee
Olympia, Wash., Feb. 21 – Credit Suisse AG, London Branch priced $698,000 of contingent coupon autocallable yield notes due Feb. 21, 2023 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underliers are Netflix, Inc., Twitter, Inc. and ViacomCBS Inc.
Contingent coupons are payable quarterly at an annual rate of 15% if each stock closes above its coupon barrier, 55% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if the shares of the least performing stock close at or above 95% of their initial price on any quarterly trigger observation date.
The payout at maturity will be par plus the coupon unless any of the stocks finishes below its 55% knock-in level, in which case investors will be fully exposed to the losses of the worst performing underlying.
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: | Netflix, Inc., Twitter, Inc. and ViacomCBS Inc.
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Amount: | $698,000
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Maturity: | Feb. 21, 2023
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Coupon: | 15% per year, payable quarterly if each stock closes above coupon barrier on observation date
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Price: | Par
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Payout at maturity: | Par plus coupon unless any stock finishes below knock-in price, in which case full exposure to losses of worst performing underlying
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Call: | At par if all shares close at or above initial share price on any quarterly trigger observation date
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Initial prices: | $380.40 for Netflix, $36.91 for Twitter, $34.98 for Viacom
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Call levels: | $361.38 for Netflix, $35.0645 for Twitter, $33.231 for Viacom; 95% of initial levels
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Coupon barriers: | $209.22 for Netflix, $20.3005 for Twitter, $19.239 for Viacom; 55% of initial levels
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Knock-in levels: | $209.22 for Netflix, $20.3005 for Twitter, $19.239 for Viacom; 55% of initial levels
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Pricing date: | Feb. 14
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Settlement date: | Feb. 20
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3%
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Cusip: | 22551NPY6
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