Published on 2/24/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3 million contingent coupon callable yield notes on four stocks
By William Gullotti
Buffalo, N.Y., Feb. 24 – Credit Suisse AG, London Branch, priced $3 million of contingent coupon callable yield notes due April 29, 2024 to the least performing of the stocks of Apple Inc., Costco Wholesale Corp., 3M Co. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 11.25% 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 least-performing stock from its initial price.
Credit Suisse Securities 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: | Apple Inc., Costco Wholesale Corp., 3M Co., Verizon Communications Inc.
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Amount: | $3,000,000
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Maturity: | April 29, 2024
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Coupon: | 11.25% per year, payable monthly if each underlying 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 knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price
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Call: | Par plus any contingent coupon on any quarterly early redemption date
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Initial prices: | $131.94 for Apple, $371.26 for Costco, $200.90 for 3M, $57.28 for Verizon
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Coupon barrier level: | $92.358 for Apple, $259.882 for Costco, $140.63 for 3M, $40.096 for Verizon; 70% of initial prices
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Knock-in prices level: | $79.164 for Apple, $222.756 for Costco, $120.54 for 3M, $34.368 for Verizon; 60% of initial prices
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Pricing date: | April 22, 2021
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Settlement date: | April 27, 2021
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Placement agent: | Credit Suisse Securities LLC
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Fees: | 0.55%
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Cusip: | 22552XJY0
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