Published on 11/24/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.31 million contingent income autocalls on two stocks
By Kiku Steinfeld
Chicago, Nov. 24 – Credit Suisse AG, London Branch priced $5.31 million of contingent income autocallable securities due May 18, 2023 linked to the worst performing of the stocks of Home Depot, Inc. and Lowe’s Cos., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8% if each stock closes at or above its coupon barrier, 70% of its initial level, on the determination date for that period.
The notes will be called at par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date.
The payout at maturity will be par unless any stock finishes below its 70% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is the distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent income autocallable securities
|
| Underlying stocks: | Home Depot, Inc. and Lowe’s Cos., Inc.
|
| Amount: | $5,312,000
|
| Maturity: | May 18, 2023
|
| Coupon: | 8% per year, payable each quarter if each stock closes at or above coupon barrier on determination date for that period
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price of least performing stock is greater than or equal to downside threshold level, par; otherwise, full exposure to decline of worst performer
|
| Call: | Par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date
|
| Initial share prices: | $277.17 for Home Depot, $159.23 for Lowe’s
|
| Coupon barriers: | $194.02 for Home Depot, $111.46 for Lowe’s; 70% of initial share prices
|
| Downside thresholds: | $194.02 for Home Depot, $111.46 for Lowe’s; 70% of initial share prices
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 18
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Distributor: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.5%
|
| Cusip: | 22550X766
|
© 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.
