Published on 12/21/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.74 million contingent coupon callable yield notes on three stocks
By Cady Vishniac
Detroit, Dec. 21 – Credit Suisse AG, London Branch, priced $1.74 million of contingent coupon autocallable yield notes due Dec. 22, 2025 linked to the least performing of the stocks of Citigroup Inc., Comerica Inc. and First Horizon Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 8.5% 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 may be called at par plus any contingent coupon due at the issuer’s option on any quarterly early redemption date after six months.
The payout at maturity will be par unless any stock finishes below its 60% 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 callable yield notes
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| Underlying stocks: | Citigroup Inc. (C UN), Comerica Inc. (CMA UN) and First Horizon Corp. (FHN UN)
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| Amount: | $1,737,000
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| Maturity: | Dec. 22, 2025
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| Coupon: | 15.5% 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 any contingent coupon due at the issuer’s option on any quarterly early redemption date after six months
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| Initial prices: | $59.75 for Citigroup, $53.01 for Comerica and $12.94 for First Horizon
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| Coupon barrier/knock-in prices: | $35.85 for Citigroup, $31.806 for Comerica and $7.764 for First Horizon, 60% of initial prices
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| Pricing date: | Dec. 16
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| Settlement date: | Dec. 21
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| Agent: | Incapital LLC
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| Fees: | 5%
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| Cusip: | 22552WWM3
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