Published on 1/18/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.27 million autocallable securities on AmEx, Citi, Visa
By William Gullotti
Buffalo, N.Y., Jan. 18 – Credit Suisse AG, London Branch priced $3.27 million of 0% autocallable securities due Jan. 16, 2025 linked to the stock performance of American Express Co., Citigroup Inc. and Visa 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 12.6% if all stocks close at or above initial level 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 threshold level, 70% of its initial level, the payout will be par plus 37.8%.
If the final level of any stock is less than its threshold 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
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| Issue: | Autocallable securities
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| Underlying stocks: | Citigroup Inc., Visa Inc., American Express Co.
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| Amount: | $3.27 million
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| Maturity: | Jan. 16, 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 stock is greater than or equal to its threshold level, par plus 37.8%; otherwise, 1% loss for each 1% decline of worst performing stock from initial levels
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| Call: | Automatically at par plus annualized redemption premium of 12.6% if each stock closes at or above its initial level on any quarterly observation date after one year
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| Initial levels: | $174.47 for AmEx, $67.28 for Citi, $215.71 for Visa
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| Threshold level: | $122.13 for AmEx, $47.10 for Citi, $151.00 for Visa; 70% of initial levels
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agent: | Credit Suisse Securities (USA) LLC
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| Distributor: | Morgan Stanley Smith Barney LLC
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| Fees: | 2.5%
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| Cusip: | 22552J195
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