Published on 3/28/2021 in the Prospect News Structured Products Daily.
New Issue: CS sells $1.26 million contingent coupon autocallable yield notes on three stocks
Chicago, March 29 – Credit Suisse AG, London Branch priced $1.26 million of contingent coupon autocallable yield notes with an upper threshold feature due Feb. 26, 2024 linked to the lowest performing of the common stocks of United Rentals, Inc., PayPal Holdings, Inc. and Micron Technology, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 11.35% if each stock closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date after six months.
The payout at maturity will be par plus the final coupon unless every stock finishes below its initial share price and any stock finishes below its knock-in price, in which case investors will be fully exposed to the losses of the least-performing stock from its initial share price.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes with upper threshold feature
|
| Underlying stocks: | United Rentals, Inc., PayPal Holdings, Inc. and Micron Technology, Inc.
|
| Amount: | $1,264,000
|
| Maturity: | Feb. 26, 2024
|
| Coupon: | 11.35% per year, payable monthly if each stock closes at or above its coupon barrier price on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless every stock finishes below initial share price and any stock finishes below knock-in price, in which case full exposure to losses of least-performing stock from initial share price
|
| Call: | At par plus the coupon due if all stocks close at or above their initial prices on any quarterly call observation date after six months
|
| Initial share prices: | $306.36 for United Rentals, $265 for PayPal and $88.23 for Micron
|
| Knock-in/coupon barrier prices: | $183.816 for United Rentals, $159 for PayPal and $52.938 for Micron; 60% of initial prices
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 26
|
| Agent: | Incapital LLC
|
| Fees: | 3.5%
|
| Cusip: | 22552XBC6
|
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