Published on 9/16/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.3 million contingent coupon callable yield notes on indexes
By Kiku Steinfeld
Chicago, Sept. 16 – Credit Suisse AG, London Branch, priced $1.3 million of contingent coupon callable yield notes due Sept. 11, 2024 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 8.5% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes are callable, in whole but not in part, at par plus any coupon on any monthly observation date after six months.
The payout at maturity will be par unless any index finishes below its 60% knock-in level, in which case investors will be exposed to the decline of the least-performing index from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying indexes: | Dow Jones industrial average, S&P 500 index and Russell 2000 index
|
| Amount: | $1.3 million
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| Maturity: | Sept. 11, 2024
|
| Coupon: | 8.5% per year, payable monthly if each underlying asset closes at or above its coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below knock-in level, in which case exposure to decline of least-performing index
|
| Call option: | Callable in whole at par plus any coupon on any monthly observation date after six months
|
| Initial level: | 3,331.84 for S&P, 1,504.591 for Russell, 27,500.89 for Dow
|
| Coupon barriers: | 2,332.288 for S&P, 1,053.2137 for Russell, 19,250.623 for Dow; 70% of initial levels
|
| Knock-in levels: | 1,999.104 for S&P, 902.7546 for Russell, 16,500.534 for Dow; 60% of initial levels
|
| Pricing date: | Sept. 8
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| Settlement date: | Sept. 11
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 22552WJL0
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