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Published on 5/17/2021 in the Prospect News Structured Products Daily.

New Issue: Credit Suisse sells $1 million contingent coupon autocallable yield notes on stocks

By Kiku Steinfeld

Chicago, May 17 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due April 30, 2024 linked to the least performing of the stocks of APA Corp., Carnival Corp. and Norwegian Cruise Line Holdings Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a monthly contingent coupon at an annual rate of 23% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month.

The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date after six months.

The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.

The agent is Incapital LLC.

Issuer:Credit Suisse AG, London Branch
Issue:Contingent coupon autocallable yield notes
Underlying stocks:APA Corp., Carnival Corp. and Norwegian Cruise Line Holdings Ltd.
Amount:$1 million
Maturity:April 30, 2024
Coupon:23% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date for period
Price:Par
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
Call:Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date after six months
Initial levels:$20.49 for APA, $27.80 for Carnival, $30.23 for Norwegian
Coupon barriers:$12.294 for APA, $16.68 for Carnival, $18.138 for Norwegian; 60% of initial levels
Knock-in levels:$12.294 for APA, $16.68 for Carnival, $18.138 for Norwegian; 60% of initial levels
Pricing date:April 28
Settlement date:April 30
Agent:Incapital LLC
Fees:3.5%
Cusip:22552XK36

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