Published on 6/8/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $634,000 contingent coupon autocallable yield notes on three stocks
Chicago, June 8 – Credit Suisse AG, London Branch priced $634,000 of contingent coupon autocallable yield notes due Nov. 29, 2024 linked to the least performing of the stocks of Live Nation Entertainment, Inc., Snowflake Inc. and Trade Desk, 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% if each stock closes at or above its coupon barrier, 50% of its initial level, on the observation date for that period. Previously unpaid coupons will also be paid.
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 any final coupon if each stock finishes at or above its 50% knock-in level.
Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
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: | Live Nation Entertainment, Inc., Snowflake Inc. and Trade Desk, Inc.
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| Amount: | $634,000
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| Maturity: | Nov. 29, 2024
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| Coupon: | 16% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par plus any final coupon if each stock finishes at or above its knock-in barrier; otherwise, full exposure to decline of the worst performer 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: | $112.74 for Live Nation, $343.57 for Snowflake, $102.74 for Trade Desk
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| Coupon barriers: | $56.37 for Live Nation, $171.785 for Snowflake, $51.37 for Trade Desk; 50% of initial levels
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| Knock-in levels: | $56.37 for Live Nation, $171.785 for Snowflake, $51.37 for Trade Desk; 50% of initial levels
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| Pricing date: | Nov. 23, 2021
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| Settlement date: | Nov. 29, 2021
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.35%
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| Cusip: | 22553P5P0
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