Published on 4/8/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocallable yield notes on three stocks
By Kiku Steinfeld
Chicago, April 8 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due Sept. 30, 2024 linked to the least performing of the stocks of CSX Corp., Norfolk Southern Corp. and Union Pacific Corp., 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, 65% 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 after six months.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 65% 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: | CSX Corp., Norfolk Southern Corp. and Union Pacific Corp.
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| Amount: | $1 million
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| Maturity: | Sept. 30, 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 for that period
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| Price: | Par
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| Payout at maturity: | Par plus the 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 after six months
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| Initial levels: | $30.42 for CSX, $245.07 for Norfolk, $203.80 for UP
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| Coupon barriers: | $19.773 for CSX, $159.2955 for Norfolk, $132.47 for UP; 65% of initial levels
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| Knock-in levels: | $19.773 for CSX, $159.2955 for Norfolk, $132.47 for UP; 65% of initial levels
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| Pricing date: | Sept. 24, 2021
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| Settlement date: | Sept. 29, 2021
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 22552XVR1
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