Published on 3/27/2021 in the Prospect News Structured Products Daily.
New Issue: CS sells $3.98 million contingent coupon autocallable yield notes on three stocks
Chicago, March 29 – Credit Suisse AG, London Branch priced $3.98 million of contingent coupon autocallable yield notes due Feb. 26, 2024 linked to the lowest performing of the common stocks of Lincoln National Corp., PulteGroup, Inc. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 12.3% if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date after six months.
If all stocks finish at or above their knock-in prices, 60% of their initial prices, the payout will be par plus the final coupon. If any stock finishes below its knock-in price, investors will be fully exposed to the losses of the least-performing stock from its initial level.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Lincoln National Corp., PulteGroup, Inc. and PayPal Holdings, Inc.
|
| Amount: | $3,977,000
|
| Maturity: | Feb. 26, 2024
|
| Coupon: | 12.3% per year, payable monthly if each stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if no stock finishes below its knock-in price; if any stock finishes below its knock-in price, par plus the decline of the least-performing stock from its initial level
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date after six months
|
| Initial share prices: | $56.92 for Lincoln, $45.92 for Pulte and $265 for PayPal
|
| Knock-in/coupon barrier prices: | $34.152 for Lincoln, $27.552 for Pulte and $159 for PayPal; 60% of initial prices
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 26
|
| Agent: | Incapital LLC
|
| Fees: | 3.5%
|
| Cusip: | 22552XBA0
|
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