By Taylor Fox
New York, Dec. 21 – Credit Suisse AG, London Branch priced $2 million of contingent coupon autocallable yield notes due Dec. 15, 2023 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are United Rentals, Inc., FedEx Corp. and Lennar Corp.
The notes will pay a monthly contingent coupon at an annual rate of 15.5% if each stock closes at or above its coupon barrier, 60% 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 starting June 10, 2021.
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 Incapital LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | United Rentals, Inc., FedEx Corp. and Lennar Corp.
|
| Amount: | $2 million
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| Maturity: | Dec. 15, 2023
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| Coupon: | 15.5% per year, payable monthly if each stock closes at or above its coupon barrier level on related 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 starting June 10, 2021
|
| Initial prices: | $241.98 for United Rentals, $290.90 for FedEx and $72.29 for Lennar
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| Coupon barriers: | $145.188 for United Rentals, $174.54 for FedEx and $43.374 for Lennar; 60% of initial levels
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| Knock-in levels: | $145.188 for United Rentals, $174.54 for FedEx and $43.374 for Lennar; 60% of initial levels
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 15
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| Agent: | Incapital LLC
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| Fees: | 3.75% Cusip: | 22552WXG5
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