Published on 2/24/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $659,000 contingent coupon callable yield notes on gold, silver
By Kiku Steinfeld
Chicago, Feb. 24 – Credit Suisse AG, London Branch priced $659,000 of contingent coupon callable yield notes due Feb. 19, 2026 linked to the least performing of the VanEck Vectors Gold Miners ETF and the Global X Silver Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 10% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par on any contingent coupon payment date.
The payout at maturity will be par finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
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 funds: | VanEck Vectors Gold Miners ETF and Global X Silver Miners ETF
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| Amount: | $659,000
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| Maturity: | Feb. 19, 2026
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| Coupon: | 10% per year, payable quarterly if each fund closes at or above its coupon barrier on the related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
|
| Call: | At par on any contingent coupon payment date
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| Initial levels: | $34.09 for gold, $43.94 for silver
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| Coupon barrier levels: | $20.454 for gold, $26.364 for silver, 60% of initial levels
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| Knock-in levels: | $20.454 for gold, $26.364 for silver, 60% of initial levels
|
| Pricing date: | Feb. 16
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| Settlement date: | Feb. 19
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 3.7%
|
| Cusip: | 22552XBR3
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