Published on 8/20/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.92 million autocallable securities on Alibaba, Baidu, Citi
By William Gullotti
Buffalo, N.Y., Aug. 20 – Credit Suisse AG, London Branch priced $3.92 million of 0% autocallable securities due Aug. 18, 2025 linked to the performance of Alibaba Group Holding Ltd., Baidu, Inc. and Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an annual redemption premium of 13.5% if all stocks close at or above initial levels on any quarterly observation date after one year.
If the notes are not called and the final level of each stock is equal to or greater than its knock-in level, 60% of its initial level, the payout will be par plus 54%.
If the final level of any stock is less than its knock-in level, investors will lose 1% for each 1% decline of the lesser performing stock 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
|
| Issue: | Autocallable securities
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| Underlying stocks: | Baidu, Inc., Citigroup Inc., Alibaba Group Holding Ltd.
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| Amount: | $3,916,890
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| Maturity: | Aug. 18, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of the worst performing stock is greater than or equal to its knock-in level, par plus 54%; otherwise, 1% loss for each 1% decline of worst performing stock from initial levels
|
| Call: | Automatically at par plus annualized redemption premium of 13.5% if each stock closes at or above its initial level on any quarterly observation date after one year
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| Initial levels: | $188.62 for Alibaba, $152.45 for Baidu, $73.11 for Citi
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| Knock-in level: | $113.17 for Alibaba, $91.47 for Baidu, $43.87 for Citi; 60% of initial levels
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| Pricing date: | Aug. 13
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| Settlement date: | Aug. 18
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| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC handling distribution
|
| Fees: | 3%
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| Cusip: | 22552Y721
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