Published on 3/17/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $2.75 million contingent coupon autocallable yield notes on Zoom
By Wendy Van Sickle
Columbus, Ohio, March 17 – Credit Suisse AG, London Branch priced $2.75 million of contingent coupon autocallable yield notes due Aug. 26, 2022 linked to Zoom Video Communications, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of 12% annualized if the stock closes at or above its coupon barrier level, 60% of the initial level, on any monthly observation date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its trigger level, 85% of its initial level, on any interest payment date after three months.
The payout at maturity will be par unless the stock finishes below its 50% knock-in level, in which case investors will be fully exposed to the stock’s losses.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stock: | Zoom Video Communications, Inc.
|
| Amount: | $2,754,000
|
| Maturity: | Aug. 26, 2022
|
| Coupon: | 12% annual rate, payable monthly if stock closes at or above its coupon barrier level on observation date for month
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below knock-in level, in which case full exposure to losses of stock
|
| Call: | At par plus coupon if stock closes at or above its trigger level on any monthly interest payment date after three months
|
| Initial level: | $388.16
|
| Trigger level: | $329.936, 85% of initial level
|
| Coupon barrier: | $232.896, 60% of initial level
|
| Knock-in level: | $194.08, 50% of initial level
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 26
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.225%
|
| Cusip: | 22552XCJ0
|
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