Published on 10/26/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.17 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – Credit Suisse AG, London Branch priced $2.17 million of contingent coupon autocallable yield notes due April 5, 2023 linked to the least performing of the stocks of Trade Desk, Inc., Adobe Inc. and Square, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 9.6% if each stock closes at or above its coupon barrier, 55% of its initial level, on the observation date for that period. Coupon payments will include any previously unpaid coupons.
The notes will be called at par plus coupon if each stock closes at or above 85% of its initial level on any monthly trigger observation date after three months.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 50% 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
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Trade Desk, Inc., Adobe Inc. and Square, Inc.
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| Amount: | $2.17 million
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| Maturity: | April 5, 2023
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| Coupon: | 9.6% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date; coupon payment events will include any previously unpaid coupons
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| Price: | Par
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| 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
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| Call: | Automatically at par plus coupon if each stock closes at or above 85% of initial level on any monthly trigger observation date after three months
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| Initial levels: | $69.27 for Trade Desk, $578.77 for Adobe, $242.70 for Square
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| Coupon barriers: | $38.0985 for Trade Desk, $318.3235 for Adobe, $133.485 for Square; 55% of initial levels
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| Knock-in levels: | $34.635 for Trade Desk, $289.385 for Adobe, $121.35 for Square; 50% of initial levels
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.5%
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| Cusip: | 22552XWZ2
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