Published on 1/15/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $6.68 million contingent coupon callable yield notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Jan. 15 – Credit Suisse AG, London Branch priced $6.68 million of contingent coupon callable yield notes due July 15, 2021 linked to the least performing of the Financial Select Sector SPDR fund, the Technology Select Sector SPDR fund and the Consumer Staples 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 9.55% if each fund closes at or above its coupon barrier, 75% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any contingent coupon payment date.
The payout at maturity will be par unless any fund finishes below its 75% knock-in level, 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 funds: | Financial Select Sector SPDR fund, Technology Select Sector SPDR fund and Consumer Staples Select Sector SPDR fund
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| Amount: | $6.68 million
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| Maturity: | July 15, 2021
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| Coupon: | 9.55% 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 level, in which case full exposure to the losses of the least-performing fund
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| Call: | At par plus coupon on any contingent coupon payment date
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| Initial prices: | $30.69 for financial fund, $94.35 for technology fund, $62.66 for consumer staples fund
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| Coupon barrier levels: | $23.0175 for financial fund, $70.7625 for technology fund, $46.995 for consumer staples fund; 75% of initial levels
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| Knock-in levels: | $23.0175 for financial fund, $70.7625 for technology fund, $46.995 for consumer staples fund; 75% of initial levels
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| Pricing date: | Jan. 10
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| Settlement date: | Jan. 15
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 22551NJB3
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