Published on 5/19/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $625,000 contingent coupon autocallable yield notes on four stocks
By William Gullotti
Buffalo, N.Y., May 19 – Credit Suisse AG, London Branch priced $625,000 of contingent coupon autocallable yield notes with an upper threshold feature due April 12, 2024 linked to the least performing of the stocks of Applied Materials, Inc., Peloton Interactive, Inc., Pfizer Inc. and Boeing 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 11.2% 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 if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless every stock finishes below its initial level and 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 Incapital LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes with upper threshold feature
|
| Underlying stocks: | Applied Materials, Inc., Peloton Interactive, Inc., Pfizer Inc., The Boeing Co.
|
| Amount: | $625,000
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| Maturity: | April 12, 2024
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| Coupon: | 11.2% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless every stock finishes below its initial level and any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date
|
| Initial levels: | $138.91 for Applied, $118.60 for Peloton, $36.60 for Pfizer, $252.36 for Boeing
|
| Coupon barriers: | $83.346 for Applied, $71.16 for Peloton, $21.96 for Pfizer, $151.416 for Boeing; 60% of initial levels
|
| Knock-in levels: | $83.346 for Applied, $71.16 for Peloton, $21.96 for Pfizer, $151.416 for Boeing; 60% of initial levels
|
| Pricing date: | April 9
|
| Settlement date: | April 14
|
| Agent: | Incapital LLC
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| Fees: | 3.25%
|
| Cusip: | 22552XJC8
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