Published on 12/19/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $605,000 contingent coupon callable yield notes on stocks
By Taylor Fox
New York, Dec. 21 – Credit Suisse AG, London Branch priced $605,000 of contingent coupon callable yield notes due Dec. 18, 2025 linked to the least performing of four stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are the common stocks of Bank of America Corp., Fifth Third Bancorp, KeyCorp and Regions Financial Corp.
The notes will pay a quarterly contingent coupon at an annual rate of 12.25% if each stock closes at or above its coupon barrier, 60% of its initial price, on the observation date for that period.
The issuer may redeem the securities at par plus any contingent coupon due on any quarterly early redemption date starting on June 18, 2021.
The payout at maturity will be par unless any stock finishes below its 60% knock-in price, 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
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stocks: | Bank of America Corp., Fifth Third Bancorp, KeyCorp and Regions Financial Corp.
|
| Amount: | $605,000
|
| Maturity: | Dec. 18, 2025
|
| Coupon: | 12.25% per year, payable quarterly if each stock closes at or above its coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its knock-in price, in which case full exposure to the losses of the least-performing stock
|
| Call option: | At par plus any contingent coupon due on any quarterly early redemption date starting on June 18, 2021
|
| Initial prices: | $28.64 for Bank of America, $27.09 for Fifth Third, $15.69 for KeyCorp and $15.38 for Regions
|
| Coupon barriers: | $17.184 for Bank of America, $16.254 for Fifth Third, $9.414 for KeyCorp and $9.228 for Regions, 60% of initial prices
|
| Knock-in prices: | $17.184 for Bank of America, $16.254 for Fifth Third, $9.414 for KeyCorp and $9.228 for Regions, 60% of initial prices
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 18
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.75%
|
| Cusip: | 22552WW76
|
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