A story in the Sept. 14 edition of the Prospect News Structured Products Daily incorrectly reported the fixed return of Wells Fargo & Co.’s autocallable market-linked step-up notes due Aug. 27, 2021 linked to the S&P 500 index. A corrected version follows.
By Wendy Van Sickle
Columbus, Ohio, Sept. 14 – Wells Fargo & Co. priced $15.43 million of 0% autocallable market-linked step-up notes due Aug. 27, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 7.3% annualized call premium if the index closes above its initial level on either annual call date.
If the index increases above the step-up value, 121% of the initial value, the payout at maturity will be par plus any gain in the index.
If the index is flat or increases up to the step-up value, the payout will be par plus a fixed return of 21%.
Investors will be exposed to any declines in the index.
BofA Merrill Lynch is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $15,426,070
|
| Maturity: | Aug. 27, 2021
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 21% fixed return; exposure to any decline
|
| Call: | At par plus 7.3% annualized premium if index closes above initial level on either annual call date
|
| Initial level: | 2,901.13
|
| Step-up value: | 3,510.37, 121% of initial level
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 10
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 22548Y520
|
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