Published on 11/18/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable yield notes on three stocks
By William Gullotti
Buffalo, N.Y., Nov. 18 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due Aug. 11, 2026 linked to the least performing of the stocks of Facebook, Inc., Pinterest, Inc. and Snap Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 13.55% if each stock closes at or above its coupon barrier, 50% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par plus the final coupon 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: | Facebook, Inc., Pinterest, Inc., Snap Inc.
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| Amount: | $500,000
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| Maturity: | Aug. 11, 2026
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| Coupon: | 13.55% per year, payable monthly 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 plus the final coupon unless any stock finishes below its knock-in level, in which case full exposure to decline of the least-performing stock from its initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly trigger observation date
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| Initial levels: | $363.51 for Facebook, $58.78 for Pinterest, $75.98 for Snap
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| Coupon barriers: | $181.755 for Facebook, $29.39 for Pinterest, $37.99 for Snap; 50% of initial levels
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| Knock-in levels: | $181.755 for Facebook, $29.39 for Pinterest, $37.99 for Snap; 50% of initial levels
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| Pricing date: | Aug. 6
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| Settlement date: | Aug. 11
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22552XS20
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