Published on 12/8/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $665,000 contingent coupon autocallable yield notes on tech stocks
By William Gullotti
Buffalo, N.Y., Dec. 8 – Credit Suisse AG, London Branch priced $665,000 of contingent coupon autocallable yield notes due Aug. 20, 2024 linked to the least performing of the stocks of Apple Inc., Amazon.com, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 8% if each stock closes at or above its coupon barrier, 70% 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 monthly trigger observation date after six months.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above its 62% knock-in level, the payout at maturity will be par. 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: | Apple Inc., Amazon.com, Inc., Microsoft Corp.
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| Amount: | $665,000
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| Maturity: | Aug. 20, 2024
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| Coupon: | 8% 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 plus the final coupon if each stock finishes at or above its coupon barrier; if worst performer finishes below coupon barrier but not below its knock-in level, par; 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 monthly trigger observation date after six months
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| Initial levels: | $150.19 for Apple, $3,241.96 for Amazon, $293.08 for Microsoft
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| Coupon barriers: | $105.133 for Apple, $2,269.372 for Amazon, $205.156 for Microsoft; 70% of initial levels
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| Knock-in levels: | $93.1178 for Apple, $2,010.0152 for Amazon, $181.7096 for Microsoft; 62% of initial levels
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| Pricing date: | Aug. 17
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| Settlement date: | Aug. 20
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 22552XTL7
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