Published on 2/7/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $745,000 autocallable securities on four stocks
By Taylor Fox
New York, Feb. 8 – Credit Suisse AG, London Branch priced $745,000 of 0% autocallable securities due Jan. 13, 2025 linked to the lowest performing of the stocks of Amazon.com, Inc., American Express Co., Intuitive Surgical, Inc. and Lemonade, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Beginning Jan. 10, 2022, the notes will be automatically called at par plus a redemption premium at an annual rate of 4.3% if the lesser-performing stock closes at or above 90% of its initial level on any semiannual trigger observation date.
If the notes are not called and the final level of each stock is equal to or greater than 90% of its initial level, the payout at maturity will be par plus 172%.
If any stock declines more than 10% but not more than 50% from its initial level, the payout will be par.
If the final level of any stock is less than its 50% knock-in level, investors will lose 1% for each 1% decline of the lesser performing index from its initial level.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
|
| Underlying stocks: | Amazon.com, Inc., American Express Co., Intuitive Surgical, Inc. and Lemonade, Inc.
|
| Amount: | $745,000
|
| Maturity: | Jan. 13, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If least-performing stock finishes above 90% of initial level, par plus 172%; if worst performer declines more than 10% but not more than 50% from initial level, par; otherwise, 1% loss for each 1% decline of worst performer
|
| Call: | Beginning Jan. 10, 2022, automatically at par plus annualized redemption premium of 4.3% if each stock closes at or above 90% of its initial level on any semiannual observation date
|
| Initial levels: | $3,182.70 for Amazon, $121.78 for American Express, $818.75 for Surgical and $160.74 for Lemonade
|
| Knock-in levels: | $1,591.35 for Amazon, $60.89 for American Express, $409.375 for Surgical and $80.37 for Lemonade; 50% of initial levels
|
| Trigger/threshold levels: | $2,864.43 for Amazon, $109.602 for American Express, $736.875 for Surgical and $144.666 for Lemonade; 90% of initial levels
|
| Pricing date: | Jan. 8
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| Settlement date: | Jan. 13
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22552X2W2
|
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