Published on 6/14/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3 million autocallable contingent income securities on three stocks
By William Gullotti
Buffalo, N.Y., June 14 – Credit Suisse AG, London Branch priced $3 million of autocallable contingent income securities due May 23, 2024 linked to the least performing of Chipotle Mexican Grill, Inc., YUM! Brands, Inc. and Restaurant Brands International Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 12.25% if each stock closes at or above its coupon barrier level, 75% of the initial level, on every trading date for the observation date for that period.
The notes will be called at par plus any coupon due if each stock closes at or above its initial share price on any quarterly call observation date after six months.
If the notes are not called and each stock finishes at or above its 65% barrier level, the payout at maturity will be par plus any final coupon due. Otherwise, investors will lose 1% for each 1% decline of the least-performing stocks from its initial level.
Credit Suisse Securities (USA) LLC is the agent with Morgan Stanley Smith Barney LLC as the dealer.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable contingent income securities
|
| Underlying stocks: | Chipotle Mexican Grill, Inc., YUM! Brands, Inc., Restaurant Brands International Inc.
|
| Amount: | $3,000,000
|
| Maturity: | May 23, 2024
|
| Coupon: | 12.25% annual rate, payable quarterly if each stock closes at or above coupon barrier level on every trading day for the observation date for that period
|
| Price: | Par of $10
|
| Payout at maturity: | If each stock finishes at or above barrier level, par plus any final coupon due; otherwise, 1% loss for each 1% decline of the least-performing stocks from initial level
|
| Call: | At par plus any coupon due if each stock closes at or above initial price on any quarterly call observation date after six months
|
| Initial levels: | $1,341.78 for Chipotle, $119.94 for YUM, $68.66 for Restaurant
|
| Coupon barrier levels: | $1,006.34 for Chipotle, $89.96 for YUM, $51.50 for Restaurant; 75% of initial prices
|
| Barrier levels: | $872.16 for Chipotle, $77.96 for YUM, $44.63 for Restaurant; 65% of initial prices
|
| Pricing date: | May 20
|
| Settlement date: | May 25
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.5%
|
| Cusip: | 22552Y200
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
