Published on 3/17/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $1.49 million contingent coupon notes on Global X Lithium ETF
By Marisa Wong
Los Angeles, March 17 – Credit Suisse AG, London Branch priced $1.49 million of contingent coupon callable yield notes due March 16, 2023 linked to the shares of the Global X Lithium & Battery Tech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annualized rate of 11% if the ETF closes at or above its coupon barrier, 65% of its initial value, on the related quarterly observation date.
The payout at maturity will be par unless the ETF finishes below its 65% knock-in level, in which case investors will receive a number of shares of the ETF equal to $1,000 divided by the initial price or, at the issuer’s option, the cash value of those shares.
The notes are callable in whole at par on any quarterly redemption date prior to maturity.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying ETF: | Global X Lithium & Battery Tech ETF
|
| Amount: | $1,487,000
|
| Maturity: | March 16, 2023
|
| Coupon: | 11% per year, payable each quarter that ETF closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF finishes below its knock-in level, in which case a number of shares of the ETF equal to $1,000 divided by the initial price or, at the issuer’s option, the cash value of those shares.
|
| Call option: | In whole at par on any quarterly redemption date starting June 16, 2021 and ending Dec. 15, 2022
|
| Initial value: | $60.91
|
| Coupon barrier: | $39.5915, 65% of initial value
|
| Knock-in level: | $39.5915, 65% of initial value
|
| Pricing date: | March 12
|
| Settlement date: | March 17
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.75%
|
| Cusip: | 22550MSE0
|
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