Published on 9/1/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3.44 million contingent coupon autocallable yield notes on indexes
By William Gullotti
Buffalo, N.Y., Sept. 1 – Credit Suisse AG, London Branch priced $3.44 million of contingent coupon autocallable yield notes due Feb. 28, 2023 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 7% if each index closes at or above its coupon barrier, 75% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each index closes at or above its initial level on any quarterly trigger observation date after six months.
If the notes have not been called, the payout at maturity will be par plus the final coupon unless either index closes below its 75% knock-in value during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index
|
| Amount: | $3,438,000
|
| Maturity: | Feb. 28, 2023
|
| Coupon: | 7% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless either index closes below its knock-in value during the life of the notes and either index finishes below its initial level, in which case investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level
|
| Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly trigger observation date after six months
|
| Initial levels: | 2,213.979 for Russell, 4,470.0 for S&P
|
| Coupon barriers: | 1,660.48425 for Russell, 3,352.5 for S&P; 75% of initial levels
|
| Knock-in levels: | 1,660.48425 for Russell, 3,352.5 for S&P; 75% of initial levels
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.65%
|
| Cusip: | 22552XSR5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
