Published on 1/15/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $7.88 million contingent coupon autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, Jan. 15 – Credit Suisse AG, London Branch priced $7.88 million of contingent coupon autocallable yield notes due Jan. 13, 2026 linked to the least performing of the common stocks of Apple Inc., Beyond Meat, Inc., PayPal Holdings, Inc. and Splunk Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 19.2% if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its knock-in price, 50% of its initial price, in which case investors will be fully exposed to the decline of the least-performing stock.
Incapital 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: | Apple Inc., Beyond Meat, Inc., PayPal Holdings, Inc. and Splunk Inc.
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| Amount: | $7,882,000
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| Maturity: | Jan. 13, 2026
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| Coupon: | 19.2% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless any stock finishes below its knock-in price, in which case full exposure to decline of least-performing stock
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| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly observation date
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| Initial prices: | $132.05 for Apple, $118.10 for Beyond Meat, $242.46 for PayPal and $165.40 for Splunk
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| Coupon barrier prices | $79.23 for Apple, $70.86 Beyond Meat, $145.476 for PayPal and $99.24 for Splunk; 60% of initial prices
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| Knock-in prices: | $66.025 for Apple, $59.05 for Beyond Meat, $121.23 for PayPal and $82.70 for Splunk; 50% of initial prices
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| Pricing date: | Jan. 8
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| Settlement date: | Jan. 13
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 22552X2E2
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