Published on 3/9/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.37 million contingent coupon callable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, March 9 – Credit Suisse AG, London Branch priced $1.37 million of contingent coupon callable yield notes due March 1, 2022 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are the common stocks of Microsoft Corp., Amazon.com, Inc., Apple Inc. and Alphabet Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 15.2% if each stock closes at or above its coupon barrier, 70% of its initial price, on the observation date for that period.
The issuer may redeem the securities at par plus any contingent coupon due on any quarterly early redemption date.
The payout at maturity will be par unless any stock finishes below its 70% 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
|
| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | Microsoft Corp., Amazon.com, Inc., Apple Inc. and Alphabet Inc.
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| Amount: | $1,373,000
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| Maturity: | March 1, 2022
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| Coupon: | 15.2% per year, payable quarterly if each stock closes at or above its coupon barrier level on related observation date
|
| 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
|
| Call option: | At par plus any contingent coupon due on any quarterly early redemption date
|
| Initial prices: | $234.51 for Microsoft, $3,180.74 for Amazon.com, $126.00 for Apple and $2,054.26 for Alphabet
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| Coupon barriers: | $164.157 for Microsoft, $2,226.518 for Amazon.com, $88.20 for Apple and $1,437.982 for Alphabet, 70% of initial prices
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| Knock-in prices: | $164.157 for Microsoft, $2,226.518 for Amazon.com, $88.20 for Apple and $1,437.982 for Alphabet, 70% of initial prices
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| Pricing date: | Feb. 22
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| Settlement date: | March 1
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.15%
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| Cusip: | 22552XD91
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