Published on 8/3/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $9.22 million contingent coupon callable yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 3 – Credit Suisse AG, London Branch, priced $9.22 million of contingent coupon callable yield notes due Feb. 5, 2024 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 pay a contingent monthly coupon at the rate of 7% 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 quarterly call observation date after three 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
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| Issue: | Contingent coupon callable yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $9,223,000
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| Maturity: | Feb. 5, 2024
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| Coupon: | 7% per year, payable monthly if each underlying asset closes at or above its coupon barrier level on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below knock-in level, in which case exposure to decline of least-performing index from its initial level
|
| Call option: | Callable in whole at par plus any coupon on any quarterly call observation date after three months
|
| Initial levels: | 2,240.029 for Russell, 4,419.15 for S&P, 15,048.36 for Nasdaq-100
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| Coupon barrier levels: | 1,568.0203 for Russell, 3,093.405 for S&P, 10,533.852 for Nasdaq-100; 70% of initial levels
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| Knock-in levels: | 1,344.0174 for Russell, 2,651.49 for S&P, 9,029.016 for Nasdaq-100; 60% of initial levels
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| Pricing date: | July 23
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| Settlement date: | July 27
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| Agents: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.65%
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| Cusip: | 22552XR70
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