Published on 11/15/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $8.4 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 15 – Credit Suisse AG, London Branch priced $8.4 million of contingent coupon autocallable yield notes due Nov. 18, 2024 linked to the least performing of the stocks of Costco Wholesale Corp., Shopify Inc., Target Corp. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 8.75% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon 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 plus the final coupon unless any stock finishes below its 60% 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: | Costco Wholesale Corp., Shopify Inc., Target Corp. and Walmart Inc.
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| Amount: | $8,395,000
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| Maturity: | Nov. 18, 2024
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| Coupon: | 8.75% per year, payable monthly 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 plus the final coupon unless any stock finishes below its knock-in level, in which case full exposure to decline of the least-performing stock from its initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly trigger observation date after six months
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| Initial levels: | $505.51 for Costco, $1,474.00 for Shopify, $254.05 for Target, $148.44 for Walmart
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| Coupon barriers: | $303.306 for Costco, $884.40 for Shopify, $152.43 for Target, $89.064 for Walmart; 60% of initial levels
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| Knock-in levels: | $303.306 for Costco, $884.40 for Shopify, $152.43 for Target, $89.064 for Walmart; 60% of initial levels
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| Pricing date: | Nov. 10
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| Settlement date: | Nov. 16
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 3.75%
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| Cusip: | 22553P2C2
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