Published on 12/30/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 30 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due Dec. 26, 2025 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 month.
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 18, 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
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | United Rentals, Inc., FedEx Corp. and Lennar Corp.
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| Amount: | $500,000
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| Maturity: | Dec. 26, 2023
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| Coupon: | 15.5% 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 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 starting June 18, 2021
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| Initial prices: | $227.54 for United Rentals, $275.57 for FedEx and $80.84 for Lennar
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| Coupon barriers: | $136.524 for United Rentals, $165.342 for FedEx and $48.504 for Lennar; 60% of initial levels
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| Knock-in levels: | $136.524 for United Rentals, $165.342 for FedEx and $48.504 for Lennar; 60% of initial level
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 23
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| Agent: | InCapital LLC
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| Fees: | 3.75%
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| Cusip: | 22552WYB5
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