Published on 5/20/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $550,000 absolute return barrier securities on three stocks
By Wendy Van Sickle
Columbus, Ohio, May 20 – Credit Suisse AG, London Branch priced $550,000 of 0% absolute return barrier securities due May 2, 2024 linked to the least performing of the stocks of American Tower Corp., Crown Castle International Corp. and LM Ericsson Telephone Co., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock finishes at or above its initial share price, the payout at maturity will be par of $1,000 plus 2.4 times the gain of the worst performing stock.
If each stock finishes at or above its 70% knock-in level but any stock finishes below its initial share price, the payout will be par plus the absolute value of the worst performing stock’s return.
Otherwise, investors will be exposed to the decline of the worst performing stock from its initial share price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Absolute return barrier securities
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| Underlying stocks: | American Tower Corp., Crown Castle International Corp. and LM Ericsson Telephone Co.
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| Amount: | $550,000
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| Maturity: | May 2, 2024
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| Coupon: | 0%
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| Price: | Par of $1,000
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| Payout at maturity: | If each stock gains, par plus 2.4 times return of worst performing stock; if any stock finishes below initial price but each stock finishes above knock-in level, par plus absolute value of worst performing stock’s return; otherwise, exposure to decline of worst performing stock from initial share price
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| Initial levels: | $251.95 for American Tower, $185.19 for Crown Castle and $14.04 for LM Ericsson Telephone
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| Knock-in levels: | $176.365 for American Tower, $129.633 for Crown Castle and $9.828 for LM Ericsson Telephone, 70% of initial levels
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| Pricing date: | April 29
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| Settlement date: | May 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22552XK69
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