Published on 7/22/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $750,000 contingent coupon callable yield notes on stocks
By Kiku Steinfeld
Chicago, July 22 – Credit Suisse AG, London Branch priced $750,000 of contingent coupon callable yield notes due Dec. 4, 2023 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 American Airlines Group Inc., Nvidia Corp., Qorvo, Inc. and Wells Fargo & Co.
The notes will pay a quarterly contingent coupon at an annual rate of 18.5% if each stock closes at or above its coupon barrier, 70% of its initial price, on the observation date for that period, in which case any previously unpaid coupons will also be paid.
The issuer may redeem the securities at par plus any contingent coupon due on any quarterly early redemption date.
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
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stocks: | American Airlines Group Inc., Nvidia Corp., Qorvo, Inc. and Wells Fargo & Co.
|
| Amount: | $750,000
|
| Maturity: | Dec. 4, 2023
|
| Coupon: | 18.5% per year, payable quarterly if each stock closes at or above its coupon barrier level on related observation date, in which case any previously unpaid coupons will also be paid
|
| 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
|
| Initial prices: | $24.24 for American, $649.78 for Nvidia, $182.72 for Qorvo and $46.72 for Wells
|
| Coupon barriers: | $16.968 for American, $454.846 for Nvidia, $127.904 for Qorvo and $32.704 for Wells, 70% of initial prices
|
| Knock-in prices: | $12.12 for American, $324.89 for Nvidia, $91.36 for Qorvo and $23.36 for Wells, 50% of initial prices
|
| Pricing date: | May 28
|
| Settlement date: | June 3
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.65%
|
| Cusip: | 22552XM26
|
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