Published on 12/15/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon callable yield notes on stocks
By Cady Vishniac
Detroit, Dec. 15 – Credit Suisse AG, London Branch priced $500,000 of contingent coupon callable yield notes due Dec. 9, 2025 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are the common stock of Walt Disney Co., the common stock of Netflix, Inc. and the class B common stock of NIKE, Inc.
The notes will pay a quarterly contingent coupon at an annual rate of 10.5% if each stock closes at or above its coupon barrier, 50% 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 at six months on June 9.
The payout at maturity will be par unless any stock finishes below its 50% 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
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| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | Walt Disney Co., Netflix, Inc. and NIKE, Inc.
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| Amount: | $500,000
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| Maturity: | Dec. 9, 2025
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| Coupon: | 10.5% per year, payable quarterly if each stock closes at or above its coupon barrier level 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 full exposure to the losses of the least-performing stock
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| Call: | At par plus any contingent coupon due on any quarterly early redemption date starting at six months on June 9 at issuer’s option
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| Initial prices: | $154.14 for Disney, $498.31 for Netflix and $137.19 for NIKE
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| Coupon barriers: | $77.07 for Disney, $249.155 for Netflix and $68.595 for NIKE, 50% of initial prices
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| Knock-in prices: | $77.07 for Disney, $249.155 for Netflix and $68.595 for NIKE, 50% of initial prices Pricing date: | Dec. 4
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| Settlement date: | Dec. 9
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.5%
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| Cusip: | 22552WX34
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