Published on 8/19/2021 in the Prospect News Structured Products Daily.
Credit Suisse sells $2.28 million contingent coupon autocallable yield notes on financial stocks
By William Gullotti
Buffalo, N.Y., Aug. 19 – Credit Suisse AG, London Branch priced $2.28 million of contingent coupon autocallable yield notes due May 14, 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 12.1% if each stock closes at or above its coupon barrier, 70% 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 70% 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
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying stocks: | Citigroup Inc., Morgan Stanley, Wells Fargo & Co.
|
| Amount: | $2,284,000
|
| Maturity: | May 14, 2024
|
| Coupon: | 12.1% per year, payable quarterly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| 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
|
| Call: | Automatically at par if each stock closes at or above initial level on any quarterly trigger observation date after six months
|
| Initial levels: | $74.87 for Citi, $84.92 for Morgan Stanley, $45.72 for Wells Fargo
|
| Coupon barrier levels: | $52.409 for Citi, $59.444 for Morgan Stanley, $32.004 for Wells Fargo; 70% of initial levels
|
| Knock-in levels: | $52.409 for Citi, $59.444 for Morgan Stanley, $32.004 for Wells Fargo; 70% of initial levels
|
| Pricing date: | May 11
|
| Settlement date: | May 14
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22552XKL6
|
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