Published on 2/7/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $700,000 contingent coupon autocallable yield notes on Ford, GM
By William Gullotti
Buffalo, N.Y., Feb. 7 – Credit Suisse AG, London Branch priced $700,000 of contingent coupon autocallable yield notes due April 15, 2024 linked to the least performing of the stocks of Ford Motor Co. and General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 12.5% 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 trigger level, 90% of initial level, on any quarterly trigger observation date after six months.
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
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Ford Motor Co. and General Motors Co.
|
| Amount: | $700,000
|
| Maturity: | April 15, 2024
|
| Coupon: | 12.5% per year, payable quarterly if each stock closes at or above its coupon barrier level on 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 trigger level on any quarterly trigger observation date after six months
|
| Initial levels: | $12.51 for Ford, $60.09 for GM
|
| Coupon barriers: | $7.506 for Ford, $36.054 for GM; 60% of initial levels
|
| Knock-in levels: | $7.506 for Ford, $36.054 for GM; 60% of initial levels
|
| Trigger levels: | $11.259 for Ford, $54.081 for GM; 90% of initial levels
|
| Pricing date: | April 8
|
| Settlement date: | April 13
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.75%
|
| Cusip: | 22552XJA2
|
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