Published on 12/26/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $636,000 contingent coupon autocallable yield notes on stocks
By Taylor Fox
New York, Dec. 30 – Credit Suisse AG, London Branch priced $636,000 of contingent coupon autocallable yield notes due Nov. 28, 2025 linked to the least performing of three stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The stocks are BigCommerce Holdings, Inc., Palantir Technologies Inc. and Unity Software Inc.
The notes will pay a monthly contingent coupon at an annual rate of 31.5% if each stock closes at or above its coupon barrier, 60% 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 trigger level, 90% of the initial level, on any quarterly trigger observation date starting Nov. 24, 2021.
The payout at maturity will be par unless any stock finishes below its 50% 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: | BigCommerce Holdings, Inc., Palantir Technologies Inc. and Unity Software Inc.
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Amount: | $636,000
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Maturity: | Nov. 28, 2025
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Coupon: | 31.5% 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 trigger level on any quarterly trigger observation date starting Nov. 24, 2021
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Initial prices: | $80.55 for BigCommerce, $23.82 for Palantir and $129.04 for Unity
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Coupon barriers: | $48.33 for BigCommerce, $14.292 for Palantir and $77.424 for Unity; 60% of initial levels
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Knock-in levels: | $40.275 for BigCommerce, $11.91 for Palantir and $64.52 for Unity; 50% of initial levels
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Trigger levels: | $72.495 for BigCommerce, $21.438 for Palantir and $116.136 for Unity, 90% of initial levels
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Pricing date: | Nov. 24
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Settlement date: | Nov. 30
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.5%
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Cusip: | 22552WTA3
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