Published on 4/20/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.33 million contingent coupon autocallable notes on Cisco, Intel
By Kiku Steinfeld
Chicago, April 20 – Credit Suisse AG, London Branch priced $1.33 million of contingent coupon autocallable yield notes due Sept. 30, 2024 linked to the least performing of the stocks of Cisco Systems, Inc. and Intel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 10.3% 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 quarterly trigger observation date after one year.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 70% 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
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Cisco Systems, Inc. and Intel Corp.
|
| Amount: | $1.33 million
|
| Maturity: | Sept. 30, 2024
|
| Coupon: | 10.3% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless any stock finishes below its knock-in level, in which case full exposure to decline of the least-performing stock from its initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly trigger observation date after one year
|
| Initial levels: | $55.52 for Cisco, $54 for Intel
|
| Coupon barriers: | $38.864 for Cisco, $37.80 for Intel; 70% of initial levels
|
| Knock-in levels: | $38.864 for Cisco, $37.80 for Intel; 70% of initial levels
|
| Pricing date: | Sept. 27, 2021
|
| Settlement date: | Sept. 30, 2021
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.35%
|
| Cusip: | 22552XWF6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
