By Wendy Van Sickle
Columbus, Ohio, Nov. 18 – Credit Suisse AG, London Branch priced $3.54 million of contingent coupon autocallable yield notes due Nov. 4, 2025 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are NIKE, Inc., United Airlines Holdings, Inc. and Netflix, Inc.
The notes will pay a monthly contingent coupon at an annual rate of 23.5% 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 if each stock closes at or above 90% of its initial level on any quarterly trigger observation date starting Nov. 1, 2022.
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: | NIKE, Inc., United Airlines Holdings, Inc. and Netflix, Inc.
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Amount: | $3.54 million
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Maturity: | Nov. 4, 2025
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Coupon: | 23.5% per year, payable monthly 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 the losses of the least-performing stock
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Call: | Automatically at par if each stock closes at or above 90% of initial level on any quarterly trigger observation date starting Nov. 1, 2022
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Initial prices: | $122.08 for NIKE, $32.60 for United and $486.24 for Netflix
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Coupon barriers: | $73.248 for NIKE, $19.56 for United and $291.744 for Netflix; 60% of initial levels
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Knock-in levels: | $61.04 for NIKE, $16.30 for United and $243.12 for Netflix; 50% of initial levels
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Pricing date: | Oct. 30
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Settlement date: | Nov. 4
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.75%
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Cusip: | 22552WRH0
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