By Wendy Van Sickle
Columbus, Ohio, Nov. 5 – Credit Suisse AG, London Branch priced $1.7 million of contingent coupon autocallable yield notes due Oct. 30, 2023 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Citigroup Inc., Bank of America Corp. and U.S. Bancorp.
The notes will pay a quarterly contingent coupon at an annual rate of 13.6% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date starting April 27, 2021.
The payout at maturity will be par unless any stock finishes below its 70% knock-in level, 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: | Citigroup Inc., Bank of America Corp. and U.S. Bancorp
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Amount: | $1.7 million
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Maturity: | Oct. 30, 2023
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Coupon: | 13.6% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below its knock-in level, 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 level on any quarterly trigger observation date starting April 27, 2021
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Initial prices: | $41.88 for Citigroup, $23.85 for Bank of America, $38.41 for U.S. Bancorp
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Coupon barriers: | $29.316 for Citigroup, $16.695 for Bank of America, $26.887 for U.S. Bancorp; 70% of initial levels
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Knock-in levels: | $29.316 for Citigroup, $16.695 for Bank of America, $26.887 for U.S. Bancorp; 70% of initial levels
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Pricing date: | Oct. 27
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Settlement date: | Oct. 30
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 2.35%
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Cusip: | 22552WR23
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