Published on 4/16/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.99 million autocallable contingent coupon notes on pharma stocks
Chicago, April 16 – Credit Suisse AG, London Branch priced $1.99 million of contingent coupon autocallable yield notes due Sept. 18, 2023 linked to the least performing of the common stocks of Johnson & Johnson, Moderna, Inc. and Pfizer 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 20% if each stock closes at or above its coupon barrier level, 60% of the initial level, on the observation date for that period.
The notes will be called at par plus the coupon if each stock closes at or above its initial share price on any quarterly call observation date.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus any final coupon. Otherwise, investors will lose 1% for each 1% decline of the least-performing stock from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying stocks: | Johnson & Johnson, Moderna, Inc. and Pfizer Inc.
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Amount: | $1,985,000
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Maturity: | Sept. 18, 2023
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Coupon: | 20% annual rate, payable quarterly if each stock closes at or above coupon barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | If each stock finishes at or above barrier level, par plus any final coupon; otherwise, 1% loss for each 1% decline of the least-performing stock from initial level
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Call: | At par plus coupon if each stock closes at or above initial price on any quarterly call observation date
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Initial levels: | $159.60 for Johnson & Johnson, $136.99 for Moderna and $34.94 for Pfizer
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Coupon barrier levels: | $95.76 for Johnson & Johnson, $82.194 for Moderna and $20.964 for Pfizer, 60% of initial prices
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Barrier levels: | $95.76 for Johnson & Johnson, $82.194 for Moderna and $20.964 for Pfizer, 60% of initial prices
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Pricing date: | March 12
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Settlement date: | March 17
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 4%
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Cusip: | 22552XF65
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