Published on 1/14/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $680,000 contingent coupon callable yield notes on SPDR S&P ETFs
By Kiku Steinfeld
Chicago, Jan. 14 – Credit Suisse AG, London Branch, priced $680,000 of contingent coupon callable yield notes due Dec. 22, 2023 to the performance of the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 13.9% per year if each ETF closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any quarterly early redemption date after one year.
The payout at maturity will be par unless any ETF finishes below its 70% knock-in price, in which case investors will be exposed to the decline of the least-performing ETF from its initial price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying funds: | SPDR S&P Biotech ETF, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $680,000
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| Maturity: | Dec. 22, 2023
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| Coupon: | 13.9% per year, payable quarterly if each underlying ETF closes at or above its coupon barrier price on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any ETF finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing ETF from its initial price
|
| Call: | Par plus any contingent coupon due on any quarterly early redemption date after one year
|
| Initial prices: | $115.61 for Biotech, $93.61 for Oil & Gas
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| Coupon barrier: | $80.927 for Biotech, $65.527 for Oil & Gas; 70% of initial levels
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| Knock-in prices: | $80.927 for Biotech, $65.527 for Oil & Gas; 70% of initial levels
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 22
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.75%
|
| Cusip: | 22553PC72
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