Published on 6/2/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $791,000 contingent coupon autocallables on broker stocks
By William Gullotti
Buffalo, N.Y., June 2 – Credit Suisse AG, London Branch priced $791,000 of contingent coupon autocallable reverse convertibles due May 13, 2024 linked to the lowest performing of the common stocks of Charles Schwab Corp., State Street Corp. and Raymond James Financial, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8.2% if each stock closes at or above its coupon barrier price, 70% of its initial price, on the related observation date. Previously unpaid coupons will also be paid.
The notes will be called at par plus any coupon due if all stocks close at or above their initial levels on any quarterly call observation date.
If all stocks finish at or above their knock-in prices, 70% 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, with the proceeds delivered in shares of the least-performing stock.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable reverse convertibles
|
| Underlying stocks: | Charles Schwab Corp., State Street Corp., Raymond James Financial, Inc.
|
| Amount: | $791,000
|
| Maturity: | May 13, 2024
|
| Coupon: | 8.2% per year, payable quarterly if each stock closes at or above its coupon barrier price on the related observation date; previously unpaid coupons will also be paid
|
| 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, with proceeds delivered in shares of the least-performing stock
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date
|
| Initial share prices: | $70.98 for Schwab, $86.21 for State St., $134.96 for Raymond James
|
| Coupon barrier levels: | $49.686 for Schwab, $60.347 for State St., $94.472 for Raymond James; 70% of initial prices
|
| Knock-in levels: | $49.686 for Schwab, $60.347 for State St., $94.472 for Raymond James; 70% of initial prices
|
| Pricing date: | May 6
|
| Settlement date: | May 12
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22550MTD1
|
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