Published on 4/9/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $945,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, April 9 – Credit Suisse AG, London Branch priced $945,000 of contingent coupon autocallable yield notes due March 29, 2024 linked to the least performing of the stocks of Boeing Co., Southwest Airlines Co. and Norwegian Cruise Line Holdings Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 22.8% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date.
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: | Boeing Co., Southwest Airlines Co. and Norwegian Cruise Line Holdings Ltd.
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Amount: | $945,000
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Maturity: | March 29, 2024
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Coupon: | 22.8% 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 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
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Initial levels: | $250.52 for Boeing, $60.96 for Southwest, $26.21 for Norwegian
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Coupon barriers: | $150.312 for Boeing, $36.576 for Southwest, $15.726 for Norwegian; 60% of initial levels
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Knock-in levels: | $150.312 for Boeing, $36.576 for Southwest, $15.726 for Norwegian; 60% of initial levels
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Pricing date: | March 23
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Settlement date: | March 26
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Agent: | Incapital LLC
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Fees: | 3.5%
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Cusip: | 22552XHJ5
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