Published on 1/23/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.76 million contingent coupon callable yield notes on three stocks
By Kiku Steinfeld
Chicago, Jan. 25 – Credit Suisse AG, London Branch, priced $1.76 million of contingent coupon autocallable yield notes due Jan. 20, 2026 to the least performing of the stocks of Citigroup Inc., PNC Financial Services Group, Inc. and First Horizon Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 12.45% per year if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any quarterly early redemption date after six months.
The payout at maturity will be par unless any stock finishes below its 60% knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price.
Incapital LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stocks: | Citigroup Inc., PNC Financial Services Group, Inc. and First Horizon Corp.
|
| Amount: | $1,764,000
|
| Maturity: | Jan. 20, 2026
|
| Coupon: | 12.45% per year, payable quarterly if each underlying asset closes at or above its coupon barrier price on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing stock from its initial price
|
| Call: | Par plus any contingent coupon on any quarterly early redemption date after six months
|
| Initial prices: | $69.01 for Citigroup, $161.50 for PNC and $15.47 for First Horizon
|
| Coupon barrier/knock-in prices: | $41.406 for Citigroup, $96.90 for PNC and $9.282 for First Horizon, 60% of initial prices
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 20
|
| Placement agent: | Incapital LLC
|
| Fees: | 4%
|
| Cusip: | 22552X3W1
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
