Published on 4/16/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon autocallable yield notes on two ETFs
By Wendy Van Sickle
Columbus, Ohio, April 16 – Credit Suisse AG, London Branch, priced $500,000 of contingent coupon autocallable yield notes due Oct. 3, 2022 linked to the least performing of the iShares Global Clean Energy ETF and the Invesco Solar ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 17% per year if each asset closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each asset closes above its initial level on any monthly trigger observation date after six months.
The payout at maturity will be par unless either asset finishes below its 60% knock-in level, in which case investors will be exposed to the decline of the least-performing asset 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 assets: | iShares Global Clean Energy ETF and Invesco Solar ETF
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| Amount: | $500,000
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| Maturity: | Oct. 3, 2022
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| Coupon: | 17% per year, payable monthly if each underlying asset closes at or above its coupon barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either asset finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing asset from its initial level
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| Call: | Par plus the coupon if each asset closes above its initial level on any monthly trigger observation date after six months
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| Initial levels: | $22.41 for Energy, $84.23 for Solar
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| Coupon barrier levels: | $13.446 for Energy, $50.583 for Solar, or 60% of initial levels
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| Knock-in levels: | $13.446 for Energy, $50.583 for Solar, or 60% of initial levels
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| Pricing date: | March 30
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| Settlement date: | April 5
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.3%
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| Cusip: | 22552XHU0
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