Published on 7/14/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $395,000 contingent coupon autocallable yield notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, July 14 – Credit Suisse AG, London Branch priced $395,000 of contingent coupon autocallable yield notes due May 31, 2024 linked to the least performing of the SPDR S&P Regional Banking ETF and SPDR S&P Biotech 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 11.1% if each ETF closes at or above its coupon barrier, 75% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each ETF closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any ETF finishes below its 75% knock-in level, in which case investors will be fully exposed to the losses of the least-performing ETF.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying ETFs: | SPDR S&P Regional Banking ETF, SPDR S&P Biotech ETF
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| Amount: | $395,000
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| Maturity: | May 31, 2024
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| Coupon: | 11.1% per year, payable quarterly if each ETF closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any ETF finishes below its knock-in level, in which case full exposure to the losses of the least-performing ETF
|
| Call: | Automatically at par if each ETF closes at or above initial level on any quarterly observation date
|
| Initial levels: | $69.52 for SPDR S&P Regional Banking, $126.96 for SPDR S&P Biotech
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| Coupon barriers: | $52.14 for SPDR S&P Regional Banking, $95.22 for SPDR S&P Biotech; 75% of initial levels
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| Knock-in levels: | $52.14 for SPDR S&P Regional Banking, $95.22 for SPDR S&P Biotech; 75% of initial levels
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| Pricing date: | May 26
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| Settlement date: | June 1
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.5%
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| Cusip: | 22552XLZ4
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