Published on 6/13/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.5 million contingent coupon callable yield notes on tech stocks
By Kiku Steinfeld
Chicago, June 14 – Credit Suisse AG, London Branch priced $1.5 million of contingent coupon callable yield notes due May 21, 2024 linked to the lowest performing of the stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 14% if each stock closes at or above its coupon barrier level, 70% of its initial level, on a related observation date.
The notes may be called at par plus any coupon due on any monthly redemption date after three months.
The payout at maturity will be par unless any index finishes below its 60% knock-in level, in which case investors will fully participate in the return of least-performing index.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $1.5 million
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| Maturity: | May 21, 2024
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| Coupon: | 14% per year, payable monthly if each stock closes at or above its coupon barrier level on related 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 investors will fully participate in the return of least-performing stock
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| Call: | At par plus any coupon due on any monthly redemption dates after three months
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| Initial levels: | $124.85 for Apple, $3,232.28 for Amazon, $2,303.43 for Alphabet, $243.08 for Microsoft
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| Coupon barrier levels: | $87.395 for Apple, $2,262.596 for Amazon, $1,612.401 for Alphabet, $170.156 for Microsoft; 70% of initial levels
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| Knock-in levels: | $74.91 for Apple, $1,939.368 for Amazon, $1,382.058 for Alphabet, $145.848 for Microsoft, 60% of initial levels
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| Pricing date: | May 18
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| Settlement date: | May 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.55%
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| Cusip: | 22552XLD3
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