Published on 2/7/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable yield notes on cruise stocks
By William Gullotti
Buffalo, N.Y., Feb. 7 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due April 15, 2024 linked to the least performing of the stocks of Carnival Corp., Norwegian Cruise Line Holdings Ltd. and Royal Caribbean Cruises Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 20.95% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period. Previously unpaid coupons will also be paid.
The notes will be called at par if each stock closes at or above its initial level on any monthly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 50% 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: | Carnival Corp., Norwegian Cruise Line Holdings Ltd., Royal Caribbean Cruises Ltd.
|
| Amount: | $500,000
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| Maturity: | April 15, 2024
|
| Coupon: | 20.95% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date; previously unpaid coupons will also be paid
|
| 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 monthly trigger observation date after six months
|
| Initial levels: | $29.00 for Carnival, $31.31 for Norwegian, $91.04 for Royal Caribbean
|
| Coupon barrier levels: | $20.30 for Carnival, $21.917 for Norwegian, $63.728 for Royal Caribbean; 70% of initial levels
|
| Knock-in levels: | $14.50 for Carnival, $15.655 for Norwegian, $45.52 for Royal Caribbean; 50% of initial levels
|
| Pricing date: | April 8
|
| Settlement date: | April 13
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.6%
|
| Cusip: | 22552XJF1
|
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