Published on 12/15/2020 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, Dec. 15 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due Dec. 14, 2026 linked to the lowest performing of the common stocks of Microsoft Corp., Snowflake Inc., and Splunk Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 18.5% 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 quarterly observation date.
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
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Microsoft Corp., Snowflake Inc., and Splunk Inc.
|
| Amount: | $1 million
|
| Maturity: | Dec. 14, 2026
|
| Coupon: | 18.5% per year, payable monthly if each stock closes at or above its coupon barrier level on relevant observation date
|
| Price: | Par
|
| 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
|
| Call: | At par plus coupon if each stock closes at or above its initial level on any quarterly call date
|
| Initial levels: | $211.80 for Microsoft, $371.26 for Snowflake, $155.59 for Splunk
|
| Coupon barriers: | $137.67 for Microsoft, $241.319 for Snowflake, $101.1335 for Splunk, 60% of initial levels
|
| Knock-in levels: | $105.90 for Microsoft, $185.63 for Snowflake, $77.795 for Splunk, 50% of initial levels
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 14
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 22552WXA8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
