Published on 5/17/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.9 million contingent coupon autocalls linked to airline stocks
By Kiku Steinfeld
Chicago, May 17 – Credit Suisse AG, London Branch priced $1.9 million of contingent coupon autocallable yield notes due Nov. 3, 2023 linked to the least performing of the common stocks Delta Air Lines, Inc., Southwest Airlines Co. and JetBlue Airways Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 12% per year if each stock closes at or above its coupon barrier level, 60% of its initial share price, on the observation date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its knock-in price, 60% of its initial share price, in which case investors will be exposed to the decline of the least-performing stock from its initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Delta Air Lines, Inc., Southwest Airlines Co. and JetBlue Airways Corp.
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| Amount: | $1,901,000
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| Maturity: | Nov. 3, 2023
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| Coupon: | 12% per year, paid quarterly unless any stock closes below coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case exposure to decline of least-performing stock from initial share price
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| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly observation date
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| Initial share prices: | $46.44 for Delta, $20.02 for JetBlue, $61.77 for Southwest
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| Knock-in prices: | $27.864 for Delta, $12.012 for JetBlue, $37.062 for Southwest, or 60% of initial share prices
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| Coupon barriers: | $27.864 for Delta, $12.012 for JetBlue, $37.062 for Southwest and $41.955 for United, or 60% of initial share price
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| Pricing date: | April 28
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| Settlement date: | April 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22552XJS3
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