Published on 4/16/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.64 million autocallable contingent income securities on indexes
Chicago, April 16 – Credit Suisse AG, London Branch priced $3.64 million of autocallable contingent income securities due March 16, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8.5% if each index closes at or above its coupon barrier level, 70% of the initial level, on the observation date for that period.
The notes will be called at par plus the coupon if each index closes at or above its initial share price on any quarterly call observation date after six months.
If the notes are not called and each index finishes at or above its 70% barrier level, the payout at maturity will be par plus any final coupon. Otherwise, investors will lose 1% for each 1% decline of the least-performing indexes from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable contingent income securities
|
| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
|
| Amount: | $3,640,000
|
| Maturity: | March 16, 2023
|
| Coupon: | 8.5% annual rate, payable quarterly if each index closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par plus any final coupon; otherwise, 1% loss for each 1% decline of the least-performing indexes from initial level
|
| Call: | At par plus coupon if each index closes at or above initial price on any quarterly call observation date after six months
|
| Initial levels: | 3,943.34 for S&P, 2,352.789 for Russell and 12,937.29 for Nasdaq
|
| Coupon barrier levels: | 2,760.34 for S&P, 1,646.952 for Russell and 9,056.10 for Nasdaq, 70% of initial prices
|
| Barrier levels: | 2,760.34 for S&P, 1,646.952 for Russell and 9,056.10 for Nasdaq, 70% of initial prices
|
| Pricing date: | March 12
|
| Settlement date: | March 18
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.33%
|
| Cusip: | 22552XGD9
|
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