Published on 6/5/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $750,000 contingent coupon autocallable yield notes on stocks
By William Gullotti
Buffalo, N.Y., June 7 – Credit Suisse AG, London Branch priced $750,000 of contingent coupon autocallable yield notes due May 11, 2023 linked to the least performing of the stocks of Southwest Airlines Co., Occidental Petroleum Corp. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 18% if each stock closes at or above its coupon barrier, 70% 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 monthly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 55% knock-in level, 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 autocallable yield notes
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Underlying stocks: | Southwest Airlines Co., Occidental Petroleum Corp., Wells Fargo & Co.
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Amount: | $750,000
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Maturity: | May 11, 2023
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Coupon: | 18% per year, payable monthly 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 monthly trigger observation date after six months
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Initial levels: | $60.82 for Southwest, $25.86 for Occidental, $45.74 for Wells Fargo
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Coupon barriers: | $42.574 for Southwest, $18.102 for Occidental, $32.018 for Wells Fargo; 70% of initial levels
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Knock-in levels: | $33.451 for Southwest, $14.223 for Occidental, $25.157 for Wells Fargo; 55% of initial levels
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Pricing date: | May 6
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Settlement date: | May 11
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.6%
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Cusip: | 22552XKJ1
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