Published on 10/24/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.52 million contingent coupon callable yield notes on four stocks
By Kiku Steinfeld
Chicago, Oct. 25 – Credit Suisse AG, London Branch, priced $1.52 million of contingent coupon callable yield notes due Oct. 15, 2026 to the least performing of the American Depositary shares of British American Tobacco plc and the common shares of Altria Group, Inc., Philip Morris International Inc. and Universal Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 14.65% per year if each stock closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any quarterly early redemption date.
The payout at maturity will be par unless any stock finishes below its 60% knock-in price, in which case investors will be exposed to the decline of the worst performer from its initial price.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | British American Tobacco plc, Altria Group, Inc., Philip Morris International Inc. and Universal Corp.
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| Amount: | $1,521,000
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| Maturity: | Oct. 15, 2026
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| Coupon: | 14.65% per year, payable quarterly if each stock closes at or above its coupon barrier price on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its 60% knock-in price, in which case exposure to decline of worst performer
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| Call: | Par plus any coupon due on any quarterly early redemption date
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| Initial prices: | $34.74 for British, $47.15 for Altria, $95.58 for Philip Morris, $49.22 for Universal
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| Coupon barrier prices: | $24.318 for British, $33.005 for Altria, $66.906 for Philip Morris, $34.454 for Universal; 70% of initial prices
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| Knock-in prices: | $20.844 for British, $28.29 for Altria, $57.34 for Philip Morris, $29.532 for Universal; 60% of initial prices
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| Pricing date: | Oct. 12
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| Settlement date: | Oct. 15
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| Placement agent: | Incapital LLC
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| Fees: | 3.7%
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| Cusip: | 22552XY64
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