Published on 4/7/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.71 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, April 7 – Credit Suisse AG, London Branch priced $2.71 million of contingent coupon autocallable yield notes due March 29, 2023 linked to the least performing of the stocks of Amgen Inc., Airbnb, Inc. and Lennar Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 19% if each stock closes at or above its coupon barrier, 50% 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 after six months.
The payout at maturity will be par unless any stock finishes below its 50% 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: | Amgen Inc., Airbnb, Inc. and Lennar Corp.
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| Amount: | $2.71 million
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| Maturity: | March 29, 2023
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| Coupon: | 19% 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 after six months
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| Initial levels: | $245.04 for Amgen, $187.14 for Airbnb, $95.24 for Lennar
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| Coupon barriers: | $122.52 for Amgen, $93.57 for Airbnb, $47.62 for Lennar; 50% of initial levels
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| Knock-in levels: | $122.52 for Amgen, $93.57 for Airbnb, $47.62 for Lennar; 50% of initial levels
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| Pricing date: | March 23
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| Settlement date: | March 29
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | None
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| Cusip: | 22552XH48
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