Published on 9/27/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3 million autocallable securities on three financial stocks
By William Gullotti
Buffalo, N.Y., Sept. 27 – Credit Suisse AG, London Branch priced $3 million of 0% autocallable securities due July 10, 2025 linked to the stock performance of Capital One Financial Corp., Citizens Financial Group, Inc. and Fifth Third Bancorp, 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 12.5% 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 knock-in level, 75% of its initial level, the payout will be par plus 50%.
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
|
| Underlying stocks: | Citizens Financial Group, Inc., Fifth Third Bancorp, Capital One Financial Corp.
|
| Amount: | $3 million
|
| Maturity: | July 10, 2025
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final level of the worst performing stock is greater than or equal to its knock-in level, par plus 50%; otherwise, 1% loss for each 1% decline of worst performing stock from initial levels
|
| Call: | Automatically at par plus annualized redemption premium of 12.5% if each stock closes at or above its initial level on any quarterly observation date after one year
|
| Initial levels: | $155.04 for Capital One, $44.41 for Citizens, $37.07 for Fifth Third
|
| Knock-in level: | $116.28 for Capital One, $33.31 for Citizens, $27.80 for Fifth Third; 75% of initial levels
|
| Pricing date: | July 7
|
| Settlement date: | July 12
|
| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC handling distribution
|
| Fees: | 2.5%
|
| Cusip: | 22552Y408
|
|
|
© 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.
