Published on 8/11/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon callable yield notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Aug. 11 – Credit Suisse AG, London Branch priced $1 million of contingent coupon callable yield notes due Aug. 2, 2023 linked to the least performing of the SPDR S&P Regional Banking ETF, the SPDR S&P Bank ETF and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 6% if each fund closes at or above its coupon barrier, 75% of its initial price, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any quarterly early redemption date after six months.
The payout at maturity will be par unless any fund finishes below its 75% knock-in price, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying ETFs: | SPDR S&P Regional Banking ETF, SPDR S&P Bank ETF and Financial Select Sector SPDR fund
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| Amount: | $1 million
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| Maturity: | Aug. 2, 2023
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| Coupon: | 6% per year, payable quarterly if each fund closes at or above its coupon barrier on the related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any fund finishes below its knock-in price, in which case full exposure to the losses of the least-performing fund
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| Call option: | At par plus coupon on any quarterly early redemption date after six months
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| Initial prices: | $49.46 for Bank, $62.57 for Regional Banking and $36.52 for Financial Select
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| Coupon barrier prices: | $34.622 for Bank, $43.799 for Regional Banking and $25.564 for Financial Select, 70% of initial prices
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| Knock-in prices: | $34.622 for Bank, $43.799 for Regional Banking and $25.564 for Financial Select, 70% of initial prices
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| Pricing date: | July 30
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| Settlement date: | Aug. 4
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22552XSQ7
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