Published on 6/16/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.03 million contingent coupon autocallable yield notes on stocks
By William Gullotti
Buffalo, N.Y., June 16 – Credit Suisse AG, London Branch priced $1.03 million of contingent coupon autocallable yield notes due June 14, 2028 linked to the least performing of the stocks of Airbnb, Inc., Splunk Inc. and Snowflake Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 20.3% 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 plus coupon if each stock closes at or above its initial level on any quarterly trigger observation date after six months.
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: | Airbnb, Inc., Splunk Inc., Snowflake Inc.
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| Amount: | $1,027,000
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| Maturity: | June 14, 2028
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| Coupon: | 20.3% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
|
| 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 plus coupon if each stock closes at or above initial level on any quarterly trigger observation date after six months
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| Initial levels: | $144.85 for Airbnb, $116.07 for Splunk, $247.01 for Snowflake
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| Coupon barriers: | $86.91 for Airbnb, $69.642 for Splunk, $148.206 for Snowflake; 60% of initial levels
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| Knock-in levels: | $72.425 for Airbnb, $58.035 for Splunk, $123.505 for Snowflake; 50% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 22552XMV2
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