Published on 4/6/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.4 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, April 6 – Credit Suisse AG, London Branch priced $3.4million of contingent coupon autocallable yield notes due March 25, 2024 linked to the least performing of the stocks of Electronic Arts Inc., Activision Blizzard, Inc. and Take-Two Interactive Software, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 11% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that quarter.
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
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Electronic Arts Inc., Activision Blizzard, Inc. and Take-Two Interactive Software, Inc.
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| Amount: | $3.4 million
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| Maturity: | March 25, 2024
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| Coupon: | 11% 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 after six months
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| Initial levels: | $90.49 for Electronic Arts, $128.40 for Activision Blizzard, $169.74 for Take-Two
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| Coupon barriers: | $54.294 for Electronic Arts, $77.046 for Activision Blizzard, $101.844 for Take-Two; 60% of initial levels
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| Knock-in levels: | $54.294 for Electronic Arts, $77.046 for Activision Blizzard, $101.844 for Take-Two; 60% of initial levels
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| Pricing date: | March 19
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| Settlement date: | March 24
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.35%
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| Cusip: | 22552XGW7
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