Published on 6/5/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocallable yield notes on stocks
By William Gullotti
Buffalo, N.Y., June 7 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due May 11, 2023 linked to the least performing of the American Depositary Shares of Alibaba Group Holding Ltd., the common stock of Citigroup Inc. and the class A common stock of Palantir Technologies Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 25% if each stock closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial level on any monthly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 65% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
Issuer: | Credit Suisse AG, London Branch
|
Issue: | Contingent coupon autocallable yield notes
|
Underlying stocks: | Alibaba Group Holding Ltd., Citigroup Inc., Palantir Technologies Inc.
|
Amount: | $1,000,000
|
Maturity: | May 11, 2023
|
Coupon: | 25% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
|
Price: | Par
|
Payout at maturity: | Par unless any stock finishes below its knock-in level, in which case full exposure to the losses of the least-performing stock
|
Call: | Automatically at par if each stock closes at or above initial level on any monthly trigger observation date after six months
|
Initial levels: | $227.90 for Alibaba, $72.33 for Citigroup, $21.64 for Palantir
|
Coupon barriers: | $159.53 for Alibaba, $50.631 for Citigroup, $15.148 for Palantir; 70% of initial levels
|
Knock-in levels: | $148.135 for Alibaba, $47.0145 for Citigroup, $14.066 for Palantir; 65% of initial levels
|
Pricing date: | May 6
|
Settlement date: | May 11
|
Agent: | Credit Suisse Securities (USA) LLC
|
Fees: | 0.6%
|
Cusip: | 22552XKM4
|
|
© 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.