Published on 11/24/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.32 million contingent coupon callable yield notes on three stocks
By William Gullotti
Buffalo, N.Y., Nov. 24 – Credit Suisse AG, London Branch, priced $2.32 million of contingent coupon callable yield notes due Nov. 24, 2023 to the least performing of the stocks of Roku, Inc., Virgin Galactic Holdings, Inc. and Zoom Video Communications, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 24% per year if each stock closes at or above its coupon barrier price, 50% of its initial price, on the related observation date.
After three months, the notes may be called at par plus any contingent coupon due at the issuer’s option on any monthly early redemption date.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its 50% knock-in price. Otherwise, in which case investors will be exposed to the decline of the worst performer from its initial price.
Credit Suisse Securities (USA) LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying stocks: | Roku, Inc., Virgin Galactic Holdings, Inc., Zoom Video Communications, Inc.
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| Amount: | $2.32 million
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| Maturity: | Nov. 24, 2023
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| Coupon: | 24% per year, payable monthly if each underlying asset closes at or above its coupon barrier price on related observation date
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| Price: | Par
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| Payout at maturity: | If all stocks finish at or above knock-in price, par plus final coupon; otherwise, 1% loss for every 1% decline of worst performer from initial level
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| Call: | Par plus any coupon due on any monthly early redemption date after three months
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| Initial prices: | $234.10 for Roku, $17.25 for Virgin Galactic, $251.30 for Zoom
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| Coupon barrier prices: | $117.05 for Roku, $8.625 for Virgin Galactic, $125.65 for Zoom; 50% of initial prices
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| Knock-in prices: | $117.05 for Roku, $8.625 for Virgin Galactic, $125.65 for Zoom; 50% of initial prices
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 24
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| Placement agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.65%
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| Cusip: | 22553P4W6
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