Published on 11/30/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.33 million contingent coupon callable yield notes on automotive stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Credit Suisse AG, London Branch, priced $5.33 million of contingent coupon callable yield notes due Nov. 25, 2024 to the least performing of the stocks of Ford Motor Co., General Motors Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 29% per year if each stock closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
After three months, the notes may be called at par plus any contingent coupon due at the issuer’s option on any monthly early redemption date.
The payout at maturity will be par plus the final coupon, if any, if each stock finishes at or above its 50% knock-in price. Otherwise, in which case investors will be exposed to the decline of the worst performer from its initial price.
Credit Suisse Securities (USA) 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: | Ford Motor Co., General Motors Co., Tesla, Inc.
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| Amount: | $5,326,000
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| Maturity: | Nov. 25, 2024
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| Coupon: | 29% per year, payable monthly if each underlying asset 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: | If all stocks finish at or above knock-in price, par plus final coupon, if any; otherwise, 1% loss for every 1% decline of worst performer from initial level
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| Call: | Par plus any coupon due on any monthly early redemption date after three months
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| Initial prices: | $19.39 for Ford, $61.80 for General Motors, $1,137.06 for Tesla
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| Coupon barrier prices: | $13.573 for Ford, $43.26 for General Motors, | $795.942 for Tesla; 70% of initial prices
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| Knock-in prices: | $9.695 for Ford, $30.90 for General Motors, $568.53 for Tesla; 50% of initial prices
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 24
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| Placement agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22553P4T3
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