Published on 6/6/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon callable yield notes on oil stocks
By William Gullotti
Buffalo, N.Y., June 7 – Credit Suisse AG, London Branch, priced $1 million of contingent coupon callable yield notes due May 17, 2024 linked to the least performing of the shares of Exxon Mobil Corp. and the American Depositary Shares of BP plc and Royal Dutch Shell plc, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 15% per year if each stock closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any quarterly early redemption date.
The payout at maturity will be par unless any stock finishes below its 65% knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price, payable as cash or shares at the issuer’s discretion.
Credit Suisse Securities (USA) LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stocks: | Exxon Mobil Corp., BP plc and Royal Dutch Shell plc
|
| Amount: | $1,000,000
|
| Maturity: | May 17, 2024
|
| Coupon: | 15% per year, payable monthly if each underlying stock closes at or above its coupon barrier price on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price, payable as cash or shares at the issuer’s discretion
|
| Call: | Par plus any contingent coupon on any quarterly early redemption date
|
| Initial prices: | $60.59 for Exxon Mobil, $25.97 for BP, $39.24 for Shell
|
| Coupon barrier levels: | $42.413 for Exxon Mobil, $18.179 for BP, $27.468 for Shell; 70% of initial prices
|
| Knock-in levels: | $39.3835 for Exxon Mobil, $16.8805 for BP, $25.506 for Shell; 65% of initial prices
|
| Pricing date: | May 12
|
| Settlement date: | May 17
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.6%
|
| Cusip: | 22552XL50
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