Published on 8/2/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.07 million contingent coupon autocallable yield notes on three stocks
By Kiku Steinfeld
Chicago, Aug. 2 – Credit Suisse AG, London Branch priced $2.07 million of contingent coupon autocallable yield notes due July 21, 2027 linked to the least performing of the common stocks of Palantir Technologies Inc., Amazon.com, Inc. and Fastly, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Contingent coupons are payable monthly at an annual rate of 22% if each stock closes at or above its coupon barrier, 60% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if the shares of the least performing stock close at or above their initial price on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any of the stocks finishes below its 50% knock-in level, in which case investors will be fully exposed to the losses of the worst performing underlying.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Palantir Technologies Inc., Amazon.com, Inc. and Fastly, Inc.
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| Amount: | $2,067,000
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| Maturity: | July 21, 2027
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| Coupon: | 22% per year, payable monthly if each stock closes above coupon barrier on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below knock-in price, in which case full exposure to losses of worst performing underlying
|
| Call: | At par if all stocks close at or above initial share prices on any quarterly trigger observation date after six months
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| Initial prices: | $3,573.63 for Amazon, $49.99 for Fastly and $21.37 for Palantir
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| Coupon barriers: | $2,144.178 for Amazon, $29.994 for Fastly and $12.822 for Palantir; 60% of initial levels
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| Knock-in levels: | $1,786.815 for Amazon, $24.995 for Fastly and $10.685 for Palantir; 50% of initial levels
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| Pricing date: | July 16
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| Settlement date: | July 21
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.1%
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| Cusip: | 22552XQZ9
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