Published on 2/28/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable yield notes on travel stocks
By William Gullotti
Buffalo, N.Y., Feb. 28 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due April 29, 2025 linked to the least performing of the stocks of American Airlines Group Inc., Airbnb, Inc., Norwegian Cruise Line Holdings Ltd. and Tripadvisor, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon including any unpaid coupons at an annual rate of 17.6% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly trigger observation date.
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 performance of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | American Airlines Group Inc., Airbnb, Inc., Norwegian Cruise Line Holdings Ltd. and Tripadvisor, Inc.
|
| Amount: | $500,000
|
| Maturity: | April 29, 2025
|
| Coupon: | 17.6% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date, including any unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par unless worst performer finishes below knock-in level, in which case full exposure to the performance of the least-performing stock
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly trigger observation date
|
| Initial levels: | $22.04 for American, $174.88 for Airbnb, $30.22 for Norwegian, $48.75 for Tripadvisor
|
| Coupon barriers: | $13.224 for American, $104.928 for Airbnb, $18.132 for Norwegian, $29.25 for Tripadvisor; 60% of initial levels
|
| Knock-in levels: | $11.02 for American, $87.44 for Airbnb, $15.11 for Norwegian, $24.375 for Tripadvisor; 50% of initial levels
|
| Pricing date: | April 26, 2021
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| Settlement date: | April 29, 2021
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22552XJR5
|
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