Published on 6/8/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $589,000 contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, June 8 – Credit Suisse AG, London Branch priced $589,000 of contingent coupon autocallable yield notes due May 20, 2024 linked to the least performing of the stocks of Norwegian Cruise Line Holdings Ltd., Carnival Corp., American Airlines Group Inc. and General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 20.12% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date.
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
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Norwegian Cruise Line Holdings Ltd., Carnival Corp., American Airlines Group Inc., General Electric Co.
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| Amount: | $589,000
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| Maturity: | May 20, 2024
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| Coupon: | 20.12% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
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| Price: | Par
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| 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
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| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date
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| Initial levels: | $26.44 for Norwegian, $25.12 for Carnival, $21.21 for American Airlines Group, $12.97 for General Electric
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| Coupon barriers: | $15.864 for Norwegian, $15.072 for Carnival, $12.726 for American Airlines Group, $7.782 for General Electric; 60% of initial levels
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| Knock-in levels: | $15.864 for Norwegian, $15.072 for Carnival, $12.726 for American Airlines Group, $7.782 for General Electric; 60% of initial levels
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| Pricing date: | May 13
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| Settlement date: | May 18
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| Agent: | Incapital LLC
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| Fees: | 3.75%
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| Cusip: | 22552XKX0
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