Published on 3/17/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $3 million callable contingent income securities on indexes
By Kiku Steinfeld
Chicago, March 17 – Credit Suisse AG, London Branch priced $3 million of callable contingent income securities due March 7, 2023 linked to the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 6.85% per year if each index closes at or above its coupon barrier, 60% of its initial level, on the related observation date.
The notes are callable at par quarterly.
The payout at maturity will be par unless the least-performing index finishes below its knock-in level, 60% of its initial level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Credit Suisse Securities (USA) LLC is the agent. Morgan Stanley Smith Barney LLC is acting as distributor.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Callable contingent income securities
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Underlying indexes: | S&P 500, Russell 2000 and Dow Jones industrial average
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Amount: | $3,000,000
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Maturity: | March 7, 2023
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Coupon: | 6.85% per year, payable quarterly if each index closes at or above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | If each index finishes at or above knock-in level, par; otherwise, 1% loss for every 1% that least-performing index declines from initial level
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Call option: | Quarterly at par
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Initial levels: | 3,870.29 for S&P, 2,231.509 for Russell, 31,391.52 for Dow
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Coupon barrier levels: | 2,322.17 for S&P, 1,338.905 for Russell, 18,834.91 for Dow, or 60% of initial levels
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Knock-in levels: | 2,322.17 for S&P, 1,338.905 for Russell, 18,834.91 for Dow, or 60% of initial levels
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Pricing date: | March 2
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Settlement date: | March 5
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Agent: | Credit Suisse Securities (USA) LLC
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Distributor: | Morgan Stanley Smith Barney LLC
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Fees: | 2%
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Cusip: | 22552XEV1
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