Published on 6/13/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.08 million contingent coupon autocallable notes on stocks, ETF
By Kiku Steinfeld
Chicago, June 14 – Credit Suisse AG, London Branch priced $1.08 million of contingent coupon autocallable yield notes due Nov. 21, 2023 linked to the least performing of Magna International Inc., Oracle Corp., ViacomCBS Inc. and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 19.55% if each asset 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 asset closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any asset finishes below its 70% knock-in level, in which case investors will be fully exposed to the losses of the least-performing asset.
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 assets: | Magna International Inc., Oracle Corp., ViacomCBS Inc. and Energy Select Sector SPDR fund
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| Amount: | $1,081,000
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| Maturity: | Nov. 21, 2023
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| Coupon: | 19.55% per year, payable quarterly if each asset 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 asset finishes below its knock-in level, in which case full exposure to the losses of the least-performing asset
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| Call: | Automatically at par if each asset closes at or above initial level on any quarterly trigger observation date
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| Initial levels: | $96.53 for Magna, $78.69 for Oracle, $40.16 for Viacom, $53.46 for Energy
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| Coupon barriers: | $67.571 for Magna, $28.112 for Oracle, $28.112 for Viacom, $37.422 for Energy; 70% of initial levels
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| Knock-in levels: | $67.571 for Magna, $28.112 for Oracle, $28.112 for Viacom, $37.422 for Energy; 70% of initial levels
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| Pricing date: | May 18
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| Settlement date: | May 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 22552XLL5
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