Published on 1/13/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.82 million contingent coupon autocallable yield notes on stocks
By Kiku Steinfeld
Chicago, Jan. 13 – Credit Suisse AG, London Branch priced $3.82 million of contingent coupon autocallable yield notes due Jan. 12, 2026 linked to the least performing of the common stocks of Apple Inc., Amazon.com, Inc., Microsoft Corp. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8.5% if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly observation date after six months.
The payout at maturity will be par unless any stock finishes below its knock-in price, 50% of its initial price, in which case investors will be fully exposed to the decline of the least-performing stock.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Apple Inc., Amazon.com, Inc., Microsoft Corp. and JPMorgan Chase & Co.
|
| Amount: | $3,815,000
|
| Maturity: | Jan. 12, 2026
|
| Coupon: | 8.5% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon due unless any stock finishes below its knock-in price, in which case full exposure to decline of least-performing stock
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly observation date after six months
|
| Initial prices: | $130.92 for Apple, $3,162.16 for Amazon, $135.87 for JPMorgan Chase and $218.29 for Microsoft
|
| Knock-in prices: | $65.46 for Apple, $1,581.08 for Amazon, $67.935 for JPMorgan Chase and $109.145 for Microsoft; 50% of initial prices
|
| Coupon barrier prices: | $78.552 for Apple, $1,897.296 for Amazon, $81.522 for JPMorgan Chase and $130.974 for Microsoft; 60% of initial prices
|
| Pricing date: | Jan. 7
|
| Settlement date: | Jan. 12
|
| Agent: | Incapital LLC
|
| Fees: | 3.5%
|
| Cusip: | 22552X2Z5
|
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