Published on 7/19/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $750,000 contingent coupon autocallable yield notes on S&P, Nasdaq
By Kiku Steinfeld
Chicago, July 19 – Credit Suisse AG, London Branch priced $750,000 of contingent coupon autocallable yield notes due Dec. 2, 2022 linked to the least performing of the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every quarter, the notes pay a contingent coupon at the rate of 5.5% 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 will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus the final coupon unless any index finishes below its knock-in level, 70% of its initial 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 autocallable yield notes
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Underlying indexes: | S&P 500 index and Nasdaq-100 index
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Amount: | $750,000
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Maturity: | Dec. 2, 2022
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Coupon: | 5.5% per year, payable quarterly if each underlying index closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par plus the final coupon unless any index finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing index from its initial level
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Call option: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly observation date
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Initial levels: | 4,200.88 for S&P, 13,657.85 for Nasdaq
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Coupon barrier levels: | 2,940.616 for S&P, 9,560.495 for Nasdaq; 70% of initial levels
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Knock-in levels: | 2,940.616 for S&P, 9,560.495 for Nasdaq; 70% of initial levels
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Pricing date: | May 27
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Settlement date: | June 2
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.5%
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Cusip: | 22552XLQ4
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