Published on 1/28/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.54 million contingent coupon autocallable yield notes on stocks
By Taylor Fox
New York, Jan. 28 – Credit Suisse AG, London Branch priced $5.54 million of contingent coupon autocallable yield notes due Jan. 29, 2024 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are those of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 12% if each stock closes at or above its coupon barrier, 60% of its initial price, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial price on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 60% knock-in price, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
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Amount: | $5,541,000
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Maturity: | Jan. 29, 2024
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Coupon: | 12% per year, payable quarterly if each stock closes at or above its coupon barrier level 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 full exposure to the losses of the least-performing stock
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Call: | Automatically at par if each stock closes at or above initial price on any quarterly trigger observation date
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Initial prices: | $139.07 for Apple, $3,292.23 for Amazon, $1,901.05 for Alphabet and $565.17 for Netflix
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Coupon barriers: | $83.442 for Apple, $1,975.338 for Amazon, $1,140.63 for Alphabet and $339.102 for Netflix, 60% of initial prices
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Knock-in prices: | $83.442 for Apple, $1,975.338 for Amazon, $1,140.63 for Alphabet and $339.102 for Netflix, 60% of initial prices
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Pricing date: | Jan. 22
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Settlement date: | Jan. 27
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4.1%
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Cusip: | 22552X5P4
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