Published on 6/24/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.67 million 8.4% autocallable coupon buffered notes on three stocks
By William Gullotti
Buffalo, N.Y., June 24 – Credit Suisse AG, London Branch priced $1.67 million of 8.4% autocallable coupon buffered securities due Nov. 14, 2022 linked to the stocks of Berkshire Hathaway Inc., Caterpillar Inc. and Coca-Cola Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par if each stock closes at or above its initial level on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any stock finishes below its 85% buffer, in which case investors will lose 1.176% for each 1% loss of the least performing stock beyond 15%, payable as cash or shares at the issuer’s option.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable coupon buffered securities
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| Underlying stocks: | Berkshire Hathaway Inc., Caterpillar Inc., Coca-Cola Co.
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| Amount: | $1.67 million
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| Maturity: | Nov. 14, 2022
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| Coupon: | 8.4% annual rate, paid quarterly
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below its buffer level, in which case 1.176% loss for each 1% decline of least performing stock beyond 15%, payable as cash or shares at the issuer’s discretion
|
| Call: | Automatically at par if each stock closes at or above initial level on a quarterly trigger observation date after six months
|
| Initial levels: | $290.93 for Berkshire Hathaway, $240.99 for Caterpillar, $54.51 for Coca-Cola
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| Buffer levels: | $247.2905 for Berkshire Hathaway, $204.8415 for Caterpillar, $46.3335 for Coca-Cola; 85% of initial levels
|
| Strike date: | May 7
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| Pricing date: | May 10
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| Settlement date: | May 14
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0%
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| Cusip: | 22550MTG4
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