Published on 1/7/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.71 million contingent coupon callable yield notes on two stocks
By William Gullotti
Buffalo, N.Y., Jan. 7 – Credit Suisse AG, London Branch, priced $5.71million of contingent coupon callable yield notes due April 6, 2023 to the least performing of the stocks of Boeing Co. and Constellation Brands, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 8.65% 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.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its 60% knock-in price. Otherwise, investors will be exposed to the decline of the worst performer from its initial price.
J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | Boeing Co., Constellation Brands, Inc.
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| Amount: | $5,705,000
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| Maturity: | April 6, 2023
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| Coupon: | 8.65% 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: | If all stocks finish at or above knock-in price, par plus final coupon; otherwise, 1% loss for every 1% decline of worst performer from initial level
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| Call: | Par plus any coupon due on any quarterly early redemption date
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| Initial prices: | $200.29 for Boeing, $250.11 for Constellation
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| Coupon barrier prices: | $120.17 for Boeing, $150.07 for Constellation; 60% of initial prices
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| Knock-in prices: | $120.17 for Boeing, $150.07 for Constellation; 60% of initial prices
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| Strike date: | Dec. 31
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| Pricing date: | Jan. 3
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| Settlement date: | Jan. 6
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| Placement agent: | J.P. Morgan Securities LLC
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| Fees: | 0.5%
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| Cusip: | 22553PE96
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