Published on 5/18/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable yield notes on two stocks
By William Gullotti
Buffalo, N.Y., May 18 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon autocallable yield notes due Oct. 21, 2024 linked to the least performing of the stocks of Boeing Co. and Southwest Airlines 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 7% 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 plus coupon if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par plus the final coupon 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
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Boeing Co., Southwest Airlines Co.
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Amount: | $500,000
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Maturity: | Oct. 21, 2024
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Coupon: | 7% 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 plus final coupon unless any stock finishes below its knock-in level, in which case full exposure to decline of the least-performing stock from its initial level
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Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly trigger observation date
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Initial levels: | $216.98 for Boeing, $49.77 for SW
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Coupon barriers: | $130.188 for Boeing, $29.862 for SW; 60% of initial levels
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Knock-in levels: | $130.188 for Boeing, $29.862 for SW; 60% of initial levels
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Pricing date: | Oct. 18, 2021
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Settlement date: | Oct. 21, 2021
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.5%
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Cusip: | 22552XYS6
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