Published on 6/8/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $750,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, June 8 – Credit Suisse AG, London Branch priced $750,000 of contingent coupon autocallable yield notes due May 20, 2024 linked to the least performing of the stocks of Bank of America Corp., Citigroup Inc. and Wells Fargo & 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 10% 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 if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless any stock finishes below its 55% 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: | Bank of America Corp., Citigroup Inc., Wells Fargo & Co.
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Amount: | $750,000
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Maturity: | May 20, 2024
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Coupon: | 10% 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 unless any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
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Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date
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Initial levels: | $41.84 for Bank of America, $75.29 for Citigroup, $46.40 for Wells Fargo
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Coupon barriers: | $29.288 for Bank of America, $52.703 for Citigroup, $32.48 for Wells Fargo; 70% of initial levels
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Knock-in levels: | $29.288 for Bank of America, $52.703 for Citigroup, $32.48 for Wells Fargo; 70% of initial levels
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Pricing date: | May 13
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Settlement date: | May 18
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 3.5%
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Cusip: | 22552XLA9
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