Published on 7/10/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $395,000 contingent coupon autocallable yield notes on two stocks
By Kiku Steinfeld
Chicago, July 11 – Credit Suisse AG, London Branch priced $395,000 of contingent coupon autocallable yield notes due Dec. 30, 2024 linked to the least performing of the stocks of SoFi Technologies, Inc. and YETI Holdings, 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 30% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any quarterly autocall observation date after six months.
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: | SoFi Technologies, Inc. and YETI Holdings, Inc.
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Amount: | $395,000
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Maturity: | Dec. 30, 2024
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Coupon: | 30% per year, payable quarterly if each stock closes at or above its coupon barrier level on 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 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 autocall observation date after six months
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Initial levels: | $15.09 for SoFi, $83.44 for YETI
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Coupon barriers: | $9.054 for SoFi, $50.064 for YETI Microsoft; 60% of initial levels
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Knock-in levels: | $7.545 for SoFi, $41.72 for YETI; 50% of initial levels
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Pricing date: | Dec. 23, 2021
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Settlement date: | Dec. 29, 2021
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.85%
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Cusip: | 22553PCW7
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