Published on 6/22/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $750,000 contingent coupon autocalls on three finance stocks
By William Gullotti
Buffalo, N.Y., June 22 – Credit Suisse AG, London Branch priced $750,000 of contingent coupon autocallable yield notes due May 20, 2024 linked to the least performing of the stocks of Citigroup Inc., Morgan Stanley and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8.283% if each stock closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Citigroup Inc., Morgan Stanley, Wells Fargo & Co.
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Amount: | $750,000
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Maturity: | May 20, 2024
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Coupon: | 8.283% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
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Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date after six months
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Initial levels: | $76.56 for Citi, $87.35 for Morgan Stanley, $46.96 for Wells Fargo
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Coupon barrier levels: | $45.936 for Citi, $52.41 for Morgan Stanley, $28.176 for Wells Fargo; 60% of initial levels
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Knock-in levels: | $45.936 for Citi, $52.41 for Morgan Stanley, $28.176 for Wells Fargo; 60% of initial levels
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Pricing date: | May 14
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Settlement date: | May 19
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.5%
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Cusip: | 22552XL35
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