Published on 2/7/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocallable yield notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due Jan. 22, 2027 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are Snowflake Inc., Facebook, Inc. and Boeing Co.
The notes will pay a monthly contingent coupon at an annual rate of 20% if each stock closes at or above its coupon barrier, 65% of its initial level, on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any monthly trigger observation date starting April 19.
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: | Snowflake Inc., Facebook, Inc. and Boeing Co.
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| Amount: | $1 million
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| Maturity: | Jan. 22, 2027
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| Coupon: | 20% 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 starting April 19
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| Initial prices: | $210.71 for Snowflake,$261.10 for Facebook, $286.21 for Boeing
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| Coupon barriers: | $136.9615 for Snowflake, $169.715 for Facebook, $186.0365 for Boeing; 65% of initial levels
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| Knock-in levels: | $115.8905 for Snowflake, $143.605 for Facebook, $157.4155 for Boeing; 55% of initial levels
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| Pricing date: | Jan. 19
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| Settlement date: | Jan. 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 22552X5F6
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