By Taylor Fox
New York, Dec. 7 – Credit Suisse AG, London Branch priced $501,000 of contingent coupon autocallable yield notes due May 30, 2023 linked to the least performing of two stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Apple Inc. and Zoom Video Communications, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 15% if each stock closes at or above its coupon barrier, 50% of its initial level, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date starting Feb. 23, 2021.
The payout at maturity will be par unless any stock finishes below its 50% 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: | Apple Inc. and Zoom Video Communications, Inc.
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Amount: | $501,000
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Maturity: | May 30, 2023
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Coupon: | 15% per year, payable quarterly if each stock closes at or above its coupon barrier level on related 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 starting Feb. 23, 2021
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Initial prices: | $115.17 for Apple and $427.55 for Zoom
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Coupon barriers: | $57.585 for Apple and $213.775 for Zoom; 50% of initial levels
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Knock-in levels: | $57.585 for Apple and $213.775 for Zoom; 50% of initial levels
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Pricing date: | Nov. 24
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Settlement date: | Nov. 30
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4%
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Cusip: | 22552WTE5
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