Published on 3/24/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2.72 million autocallable securities on Select Sector funds
By Kiku Steinfeld
Chicago, March 24 – Credit Suisse AG, London Branch priced $2.72 million of 0% autocallable securities due March 14, 2024 linked to the lowest performing of the Financial Select Sector SPDR fund, the Energy Select Sector SPDR fund and the Industria.27l Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus an annual redemption premium of 13.05% the least-performing fund closes at or above its initial level on a quarterly observation date.
If the notes are not called and the final level of each fund is equal to or greater than 70% of its initial level, the payout at maturity will be par plus 39.15%.
If the final level of any ETF is less than its knock-in level, investors will lose 1% for each 1% decline of the least performing ETF from its initial level.
The agent is Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC as the distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
|
| Underlying funds: | Financial Select Sector SPDR fund, Energy Select Sector SPDR fund and Industrial Select Sector SPDR fund
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| Amount: | $2,722,000
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| Maturity: | March 14, 2024
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| Coupon: | 0%
|
| Price: | Par of $10
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| Payout at maturity: | If least-performing ETF is equal to or greater than knock-in level, par plus 39.15%; otherwise, 1% loss for each 1% decline of least-performing ETF
|
| Call: | Automatically at par plus annualized redemption premium of 13.05% if each ETF closes at or above its initial level on quarterly observation date
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| Initial levels: | $34.52 for Financial, $53.44 for Energy, $95.42 for Industrial
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| Knock-in levels: | $24.16 for Financial, $37.41 for Energy, $66.79 for Industrial; 70% of initial levels
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| Pricing date: | March 10
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| Settlement date: | March 15
|
| Agent: | Credit Suisse Securities (USA) LLC with Morgan Stanley Smith Barney LLC as distributor
|
| Fees: | 2.5%
|
| Cusip: | 22551F657
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