Published on 11/24/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $10 million autocallable securities on three stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 24 – Credit Suisse AG, London Branch priced $10 million of 0% autocallable securities due Nov. 21, 2025 linked to the performance of the stocks of American Express Co., PayPal Holdings, Inc. and CVS Health Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annualized redemption premium of 13.7% if all underliers close at or above initial levels on any annual observation date
If the notes are not called and the final level of each underlier is greater than or equal to its knock-in level, 60% of its initial level, the payout will be par plus 54.8%.
If the final level of any underlier is less than its knock-in level, investors will lose 1% for each 1% decline of the worst performer from its initial level.
The agent is Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC handling distribution
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Autocallable securities
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| Underlying assets: | PayPal Holdings, Inc., CVS Health Corp., American Express Co.
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| Amount: | $10 million
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| Maturity: | Nov. 21, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If final level of the worst performing underlier is greater than or equal to its knock-in level, par plus 54.8%; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call: | Automatically at par plus 13.7% annualized redemption premium if each underlier closes at or above its initial level on any annual observation date
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| Initial levels: | $179.61 for American Express, $206.27 for PayPal, $92.73 for CVS
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| Knock-in levels: | $107.77 for American Express, $123.76 for PayPal, $55.64 for CVS; 60% of initial levels
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| Pricing date: | Nov. 18
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| Settlement date: | Nov. 23
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| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC as distributor
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| Fees: | 0.6%
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| Cusip: | 22551G697
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