Published on 6/28/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $867,000 contingent coupon autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, June 28 – Credit Suisse AG, London Branch priced $867,000 of contingent coupon autocallable yield notes due June 23, 2023 linked to the least performing of the stocks of Dollar General Corp., Fidelity National Information Services, Inc. and WESCO International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 15% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
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 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
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Dollar General Corp., Fidelity National Information Services, Inc. and WESCO International, Inc.
|
| Amount: | $867,000
|
| Maturity: | June 23, 2023
|
| Coupon: | 15% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| 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
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date after six months
|
| Initial levels: | $212.70 for Dollar General, $143.82 for Fidelity National, $143.82 for WESCO
|
| Coupon barriers: | $148.89 for Dollar General, $100.674 for Fidelity National, $69.132 for WESCO; 70% of initial levels
|
| Knock-in levels: | $148.89 for Dollar General, $100.674 for Fidelity National, $69.132 for WESCO; 70% of initial levels
|
| Pricing date: | June 18
|
| Settlement date: | June 23
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0%
|
| Cusip: | 22552XN74
|
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