Published on 3/21/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $6.59 million autocallable contingent income notes on pharma stocks
Chicago, March 22 – Credit Suisse AG, London Branch priced $6.59 million of autocallable contingent income securities due Feb. 1, 2024 linked to the least performing of the common stocks of CVS Health Corp., Merck & Co., 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 6.7% 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 of $10 plus the coupon if each stock closes at or above its initial share price on any quarterly call observation date after six months.
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. Morgan Stanley Smith Barney LLC is the distributor.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable contingent income securities
|
| Underlying stocks: | CVS Health Corp., Merck & Co., Inc. and Pfizer Inc.
|
| Amount: | $6,586,000
|
| Maturity: | Feb. 1, 2024
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| Coupon: | 6.7% annual rate, payable quarterly if each stock closes at or above coupon barrier level on observation date for that period
|
| Price: | Par of $10
|
| 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
|
| Call: | At par plus coupon if each stock closes at or above initial price on any quarterly call observation date after six months
|
| Initial levels: | $71.65 for CVS, $77.07 for Merck and $35.90 for Pfizer
|
| Coupon barrier levels: | $42.99 for CVS, $46.24 for Merck and $21.54 for Pfizer, 60% of initial prices
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| Barrier levels: | $42.99 for CVS, $46.24 for Merck and $21.54 for Pfizer, 60% of initial prices
|
| Pricing date: | Jan. 29
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| Settlement date: | Feb. 3
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Distributor: | Morgan Stanley Smith Barney LLC
|
| Fees: | 2.5%
|
| Cusip: | 22551F467
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