Published on 2/7/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $826,000 autocallable securities on four stocks
By Taylor Fox
New York, Feb. 8 – Credit Suisse AG, London Branch priced $826,000 of 0% autocallable securities due Jan. 13, 2025 linked to the lowest performing of the stocks of Roku, Inc., Shopify Inc., Snowflake Inc. and the Trade Desk, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Beginning Jan. 10, 2022, the notes will be automatically called at par plus an annual redemption premium of 50% if the least-performing stock closes at or above 87% of its initial level on any semiannual observation date.
If the notes are not called and the final level of each stock is equal to or greater than 87% of its initial level, the payout at maturity will be par plus 200%.
If any stock declines more than its 87% threshold level but finishes above its 50% knock-in level, the payout will be par.
If the final level of any stock is less than its 50% knock-in level, investors will lose 1% for each 1% decline of the lesser performing stock from its initial level.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
|
| Underlying stocks: | Roku, Inc., Shopify Inc., Snowflake Inc. and the Trade Desk, Inc.
|
| Amount: | $826,000
|
| Maturity: | Jan. 13, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If lesser-performing stock is equal to or greater than threshold level, par plus 200%; par if worst performer declines beyond threshold level but closes above knock-in level; otherwise, 1% loss for each 1% decline of lesser-performing stock
|
| Call: | Automatically at par plus an annualized redemption premium of 50% if each stock closes at or above the trigger level on any semiannual observation date starting after one year; redemption premium is set at a 50% annual rate for the first year the notes can be called and then a 25% rate for the final two years
|
| Initial levels: | $399.13 for Roku, $1,188.92 for Shopify, $300.10 for Snowflake and $795.81 for Trade Desk
|
| Knock-in levels: | $199.565 for Roku, $594.46 for Shopify, $150.05 for Snowflake and $397.905 for Trade Desk; 50% of initial levels
|
| Threshold levels: | $347.2431 for Roku, $1,034.3604 for Shopify, $261.087 for Snowflake and $692.3547 for Trade Desk; 87% of initial levels
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| Trigger levels: | $347.2431 for Roku, $1,034.3604 for Shopify, $261.087 for Snowflake and $692.3547 for Trade Desk; 87% of initial levels
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| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 13
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.5%
|
| Cusip: | 22552X2Y8
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