Published on 3/21/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $2 million contingent coupon autocallable yield notes on S&P
Chicago, March 22 – Credit Suisse AG, London Branch priced $2 million of contingent coupon autocallable yield notes due Feb. 17, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual 7.9% rate if the index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period. Previously unpaid coupons will also be paid.
The notes will be called at par if the index closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par unless the index finishes below its 70% knock-in level, in which case investors will be fully exposed to the losses of the least-performing index.
The agents are J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $2,000,000
|
| Maturity: | Feb. 17, 2022
|
| Coupon: | 7.9% annual rate, payable quarterly if the index closes at or above its coupon barrier level on observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par unless the index finishes below its knock-in level, in which case full exposure to the losses
|
| Call: | Automatically at par if the index closes at or above initial level on any quarterly trigger observation date
|
| Initial price: | 3,787.38
|
| Coupon barrier level: | 2,651.17; 70% of initial level
|
| Knock-in level: | 2,651.17; 70% of initial level
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 3
|
| Agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 22552XAL7
|
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