Published on 12/5/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $59,000 million contingent coupon autocallable notes on Dow, gold ETF
By Taylor Fox
New York, Dec. 7 – Credit Suisse AG, London Branch, priced $59,000 of contingent coupon autocallable yield notes due May 30, 2023 linked to the least performing of the Dow Jones industrial average and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 8% per year if each asset closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called if both assets finish above their initial levels on any quarterly trigger observation date after six months.
The payout at maturity will be par unless any asset finishes below its 70% knock-in level, in which case investors will be exposed to the decline of the least-performing asset from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying assets: | Dow Jones industrial average and the VanEck Vectors Gold Miners ETF
|
| Amount: | $59,000
|
| Maturity: | May 30, 2023
|
| Coupon: | 8% annual rate, payable quarterly if each underlying asset closes at or above its coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any asset finishes below knock-in level, in which case exposure to decline of least-performing asset
|
| Call: | Automatically called if both assets finish above their initial levels on any quarterly trigger observation date after six months
|
| Initial levels: | 30,046.24 for Dow and $33.42for VanEck
|
| Coupon barriers: | 21,032.368 for Dow and $23.394 for VanEck; 70% of initial levels
|
| Knock-in levels: | 21,032.368 for Dow and $23.394 for VanEck; 70% of initial levels
|
| Pricing date: | Nov. 24
|
| Settlement date: | Nov. 30
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 22552WSH9
|
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