Published on 12/1/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.6 million contingent coupon autocallable yield notes on three stocks
By William Gullotti
Buffalo, N.Y., Dec. 1 – Credit Suisse AG, London Branch priced $1.6 million of contingent coupon autocallable yield notes due Nov. 29, 2024 linked to the least performing of the stocks of International Business Machines Corp., Intel Corp. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 12.34% if each stock closes at or above its coupon barrier, 70% 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 70% 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: | International Business Machines Corp., Intel Corp., Verizon Communications Inc.
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| Amount: | $1.6 million
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| Maturity: | Nov. 29, 2024
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| Coupon: | 12.34% 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 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: | $118.50 for IBM, $50.00 for Intel, $51.66 for Verizon
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| Coupon barriers: | $82.95 for IBM, $35.00 for Intel, $36.162 for Verizon; 70% of initial levels
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| Knock-in levels: | $82.95 for IBM, $35.00 for Intel, $36.162 for Verizon; 70% of initial levels
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| Pricing date: | Nov. 29
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| Settlement date: | Nov. 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.35%
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| Cusip: | 22553P6Y0
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