Published on 5/28/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $8.88 million contingent coupon autocallable yield notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, May 28 – Credit Suisse AG, London Branch priced $8.88 million of contingent coupon autocallable yield notes due May 26, 2026 linked to the least performing of the stocks of Apple Inc., Facebook, Inc., Alphabet Inc. and Microsoft 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 9% 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.
The payout at maturity will be par unless any stock finishes below its 60% 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: | Apple Inc., Facebook, Inc., Alphabet Inc., Microsoft Corp.
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Amount: | $8,882,000
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Maturity: | May 26, 2026
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Coupon: | 9% 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
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Initial levels: | $125.43 for Apple, $316.23 for Facebook, $2,294.13 for Alphabet, $245.17 for Microsoft
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Coupon barriers: | $87.801 for Apple, $221.361 for Facebook, $1,605.891 for Alphabet, $171.619 for Microsoft; 70% of initial levels
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Knock-in levels: | $75.258 for Apple, $189.738 for Facebook, $1,376.478 for Alphabet, $147.102 for Microsoft; 60% of initial levels
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Pricing date: | May 21
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Settlement date: | May 26
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4.111%
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Cusip: | 22552XL84
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