Published on 10/5/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.31 million contingent coupon autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, Oct. 5 – Credit Suisse AG, London Branch priced $5.31 million of contingent coupon autocallable yield notes due July 14, 2023 linked to the least performing of the stocks of Chewy, Inc., Alphabet Inc. and ViacomCBS 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 16.1% if each stock closes at or above its coupon barrier, 65% 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 65% 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: | Chewy, Inc., Alphabet Inc. and ViacomCBS Inc.
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Amount: | $5,307,000
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Maturity: | July 14, 2023
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Coupon: | 16.1% 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: | $85.57 for Chewy, $2,510.37 for Alphabet, $42.77 for Viacom
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Coupon barriers: | $55.6205 for Chewy, $1,631.7405 for Alphabet, $27.8005 for Viacom; 65% of initial levels
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Knock-in levels: | $55.6205 for Chewy, $1,631.7405 for Alphabet, $27.8005 for Viacom; 65% of initial levels
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Pricing date: | July 9
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Settlement date: | July 14
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0%
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Cusip: | 22552XPW7
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