Published on 10/29/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2 million contingent coupon autocallable yield notes on three stocks
By Kiku Steinfeld
Chicago, Oct. 29 – Credit Suisse AG, London Branch priced $2 million of contingent coupon autocallable yield notes due Oct. 21, 2024 linked to the least performing of the stocks of FedEx Corp., Union Pacific Corp. and United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 13.25% 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 plus coupon if each stock closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 70% 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: | FedEx Corp., Union Pacific Corp. and United Parcel Service, Inc.
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| Amount: | $2 million
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| Maturity: | Oct. 21, 2024
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| Coupon: | 13.25% 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 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 after six months
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| Initial levels: | $227.98 for FedEx, $225.93 for Union Pacific, $193.39 for UPS
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| Coupon barriers: | $170.985 for FedEx, $169.4475 for Union Pacific, $145.0425 for UPS; 70% of initial levels
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| Knock-in levels: | $170.985 for FedEx, $169.4475 for Union Pacific, $145.0425 for UPS; 70% of initial levels
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| Pricing date: | Oct. 18
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| Settlement date: | Oct. 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.35%
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| Cusip: | 22552XYT4
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