Published on 9/2/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $800,000 contingent coupon callable yield notes on S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Sept. 2 – Credit Suisse AG, London Branch priced $800,000 of contingent coupon callable yield notes due Aug. 31, 2021 linked to the least performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 7.6% if each index closes at or above its coupon barrier, 65% of its initial level, on the related observation date.
The notes may be called in whole, but not in part, at par on any contingent coupon payment date after three months.
The payout at maturity will be par unless either index finishes below its 65% knock-in level, in which case investors will be fully exposed to any losses of the lesser-performing index.
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 indexes: | S&P 500 and Nasdaq-100
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| Amount: | $800,000
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| Maturity: | Aug. 31, 2021
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| Coupon: | 7.6% per year, payable monthly if each index closes at or above its coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below its knock-in level, in which case full exposure to any losses of the least-performing index
|
| Call option: | In whole at par on any contingent coupon payment date after three months
|
| Initial levels: | 3,478.73 for S&P and 11,971.94 for Nasdaq
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| Barrier levels: | 2,261.1745 for S&P and 7,781.761 for Nasdaq; 65% of initial levels
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| Knock-in levels: | 2009.496 for S&P and 6760.248 for Nasdaq; 60% of initial levels
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 31
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.725%
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| Cusip: | 22552WG33
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