By Taylor Fox
New York, Dec. 30 – Credit Suisse AG, London Branch priced $1.59 million of 0% autocallable securities due Jan. 12, 2022 linked to the lowest performing of the Financial Select Sector SPDR fund and the Industrial Select Sector SPDR fund, 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 8.6% the lesser-performing fund closes at or above its initial level on the June 24, 2021 observation date.
If the notes are not called and the final level of each fund is equal to or greater than its initial level, the payout at maturity will be par plus 1.5 times any gain in the worst-performing fund.
If the final level of any fund is less than its initial level but not below its knock-in level – 80% of its initial level, the payout will be par.
If the final level of any fund is less than its knock-in level, investors will lose 1% for each 1% decline of the lesser performing fund from its initial level, payable in shares.
The agent is Citigroup Global Markets, Inc.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
|
| Underlying funds: | Financial Select Sector SPDR fund and Industrial Select Sector SPDR fund
|
| Amount: | $1,589,000
|
| Maturity: | Jan. 12, 2022
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If lesser-performing fund is equal to or greater than its initial level, par plus 1.5 times gain; if final level of lesser-performing fund is less than its initial level but not below its knock-in level, par; otherwise, 1% loss for each 1% decline of lesser-performing fund
|
| Call: | Automatically at par plus annualized redemption premium of 8.6% if each fund closes at or above its initial level on the June 24, 2021 observation date
|
| Initial levels: | $28.74 for Financial Select and $88.83 for Industrial Select
|
| Knock-in levels: | $22.992 for Financial Select and $71.064 for Industrial Select; 80% of initial levels
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 22
|
| Agent: | Citigroup Global Markets, Inc.
|
| Fees: | 1.25%
|
| Cusip: | 22550MMV8
|
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