Published on 9/7/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.3 million contingent coupon autocallable yield notes on three stocks
By William Gullotti
Buffalo, N.Y., Sept. 7 – Credit Suisse AG, London Branch priced $1.3 million of contingent coupon autocallable yield notes due June 28, 2024 linked to the least performing of the stocks of CrowdStrike Holdings, Inc., Okta, Inc. and Zscaler, 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 14% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period. Coupon payments will include any previously unpaid coupons.
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 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: | CrowdStrike Holdings, Inc., Okta, Inc., Zscaler, Inc.
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| Amount: | $1.3 million
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| Maturity: | June 28, 2024
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| Coupon: | 14% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date; coupon payment events will include any previously unpaid coupons
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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: | $253.24 for CrowdStrike, $246.13 for Okta, $218.84 for Zscaler
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| Coupon barriers: | $151.944 for CrowdStrike, $147.678 for Okta, $131.304 for Zscaler; 60% of initial levels
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| Knock-in levels: | $151.944 for CrowdStrike, $147.678 for Okta, $131.304 for Zscaler; 60% of initial levels
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| Pricing date: | June 25
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| Settlement date: | June 30
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22552XNS8
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