Published on 6/25/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.84 million contingent coupon autocalls on financial stocks
By William Gullotti
Buffalo, N.Y., June 25 – Credit Suisse AG, London Branch priced $3.84 million of contingent coupon autocallable yield notes due June 25, 2024 linked to the least performing of the stocks of Citigroup Inc., Fifth Third Bancorp and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 10% if each stock closes at or above its coupon barrier, 65% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any stock finishes below its 65% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Citigroup Inc., Fifth Third Bancorp, Wells Fargo & Co.
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| Amount: | $3,840,000
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| Maturity: | June 25, 2024
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| Coupon: | 10% per year, payable quarterly if each stock closes at or above its coupon barrier level on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly observation date after six months
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| Initial levels: | $68.96 for Citi, $37.95 for Fifth Third, $43.54 for Wells Fargo
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| Coupon barriers: | $44.824 for Citi, $24.6675 for Fifth Third, $28.301 for Wells Fargo; 65% of initial levels
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| Knock-in levels: | $44.824 for Citi, $24.6675 for Fifth Third, $28.301 for Wells Fargo; 65% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 2.35%
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| Cusip: | 22552XNP4
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