Published on 6/8/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.03 million contingent income autocalls on Cisco
By Kiku Steinfeld
Chicago, June 8 – Credit Suisse AG, London Branch priced $3.03 million of contingent income autocallable securities due May 11, 2023 linked to the common shares of Cisco Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 18.25% if the stock closes at or above its coupon barrier, 80% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if the stock closes above its initial level on any quarterly redemption date.
The payout at maturity will be par unless the stock finishes below its 80% downside threshold, in which case investors will be fully exposed to any losses of the stock.
Credit Suisse Securities (USA) LLC is the agent with Morgan Stanley Smith Barney LLC as the distributor.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Cisco Systems, Inc.
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| Amount: | $3,029,000
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| Maturity: | May 11, 2023
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| Coupon: | 8.25% per year, payable each quarter that stock closes at or above coupon barrier on observation date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par; otherwise, full exposure to stock’s decline
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| Call: | Par plus the contingent coupon if the stock closes above its initial level on any quarterly redemption date
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| Initial share price: | $53.43
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| Coupon threshold level: | $42.74, 80% of initial share price
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| Downside threshold level: | $42.74, 80% of initial share price
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| Pricing date: | May 7
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| Settlement date: | May 12
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| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC as distributor
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| Fees: | 2%
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| Cusip: | 22551F889
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