Published on 11/9/2017 in the Prospect News Structured Products Daily.
New Issue: Credit Agricole prices $8.55 million barrier phoenix autocallables on ETF, indexes
By Marisa Wong
Morgantown, W.Va., Nov. 9 – Credit Agricole Corporate and Investment Bank priced $8.55 million of barrier phoenix autocallable notes due Nov. 7, 2024 linked to the worst performing of the iShares MSCI Emerging Markets exchange-traded fund, the Euro Stoxx 50 index and the Nikkei 225 index, according to a term sheet.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.9% if each underlying closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each underlying closes at or above its initial level on any quarterly call observation date after two years.
The payout at maturity will be par unless any underlying finishes below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing underlying.
Credit Agricole Securities (USA) Inc. is the dealer.
| Issuer: | Credit Agricole Corporate and Investment Bank
|
| Guarantor: | Credit Agricole CIB, New York Branch
|
| Issue: | Barrier phoenix autocallable notes
|
| Underlying assets: | iShares MSCI Emerging Markets ETF, the Euro Stoxx 50 index and the Nikkei 225 index
|
| Amount: | $8,545,000
|
| Maturity: | Nov. 7, 2024
|
| Coupon: | 9.9% per year, payable each quarter that each underlying closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if each underlying finishes at or above barrier level; otherwise, full exposure to decline of worst performing underlying
|
| Call: | At par plus contingent coupon if each underlying closes at or above initial level on any quarterly call observation date after two years
|
| Initial levels: | $46.28 for ETF, 3,673.95 for Stoxx, 22,011.61 for Nikkei
|
| Coupon barriers: | $32.93 for ETF, 2,571.7650 for Stoxx, 15,408.1270 for Nikkei; 70% of initial levels
|
| Barrier levels: | $32.93 for ETF, 2,571.7650 for Stoxx, 15,408.1270 for Nikkei; 70% of initial levels
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 2
|
| Dealer: | Credit Agricole Securities (USA) Inc.
|
| Fees: | 1.3%
|
| Cusip: | 22533A5L7
|
© 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.
