Published on 3/9/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.68 million contingent coupon callable yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, March 9 – Credit Suisse AG, London Branch priced $5.68 million of contingent coupon callable yield notes due Feb. 27, 2023 linked to the least performing of the SPDR S&P Regional Banking ETF, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 12.8% if each underlying asset closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
Credit Suisse may call the notes in whole but not in part at par on any quarterly call observation date.
The payout at maturity will be par unless any asset finishes below its 70% knock-in level, in which case investors will be fully exposed to any losses of the least-performing asset.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying assets: | SPDR S&P Regional Banking ETF, S&P 500 index and Dow Jones industrial average
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| Amount: | $5,677,000
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| Maturity: | Feb. 27, 2023
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| Coupon: | 12.8% per year, payable quarterly if each underlying asset closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its knock-in, in which case full exposure to any losses of the least-performing asset
|
| Call option: | Callable at par on any quarterly call observation date
|
| Initial levels: | 2,251.072 for Russell, 31,521.69 for Dow $65.12 for banking ETF
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| Coupon barrier: | 1,575.7504 for index, 22,065.183 for Dow, $45.584 for banking ETF; 70% of initial levels
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| Knock-in levels: | 1,575.7504 for index, 22,065.183 for Dow, $45.584 for banking ETF; 70% of initial levels
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 25
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.75%
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| Cusip: | 22552XD34
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