Published on 4/6/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.67 million trigger autocallable contingent yield notes on Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, April 6 – Credit Suisse AG, London Branch priced $1.67 million of trigger autocallable contingent yield notes due March 22, 2024 linked to the least performing of the Russell 2000 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 annual rate of 8.7% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par of $10 plus the coupon if each index closes at or above its initial level on any observation date after six months.
The payout at maturity will be par plus any final coupon due unless either index finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing index from its initial level.
UBS Financial Services Inc. and Credit Suisse & Co. LLC are the agents.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Russell 2000 index and Dow Jones industrial average
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| Amount: | $1,665,500
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| Maturity: | March 22, 2024
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| Coupon: | 8.7% annual rate, payable quarterly if each index closes at or above coupon barrier level on observation date
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| Price: | Par of $10
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| Call: | At par plus coupon if each index closes at or above initial level on any observation date after six months
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| Payout at maturity: | Par plus final coupon unless either index closes below downside threshold level, in which case 1% loss for each 1% decline of worse performing index from initial level
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| Initial levels: | 32,627.97 for Dow 500, 2,287.545 for Russell
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| Coupon barrier levels: | 22,839.58 for Dow, 1,601.282 for Russell; 70% of initial levels
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| Downside threshold levels: | 22,839.58 for Dow, 1,601.282 for Russell; 70% of initial levels
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| Pricing date: | March 19
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| Settlement date: | March 24
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| Agents: | UBS Financial Services Inc. and Credit Suisse & Co. LLC
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| Fees: | 0%
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| Cusip: | 22551F715
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