Published on 7/30/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $422,000 contingent coupon autocallable yield notes on three indexes
By William Gullotti
Buffalo, N.Y., July 30 – Credit Suisse AG, London Branch priced $422,000 of contingent coupon autocallable yield notes due Jan. 30, 2023 linked to the least performing of the S&P 500 index, Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 6.1% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each index closes at or above its initial level on any monthly trigger observation date after three months.
The payout at maturity will be par unless any 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 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 indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $422,000
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Maturity: | Jan. 30, 2023
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Coupon: | 6.1% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its knock-in level, in which case full exposure to the decline of the least-performing index from its initial level
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Call: | Automatically at par plus coupon if each index closes at or above initial level on any monthly trigger observation date after three months
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Initial levels: | 4,411.79 for S&P, 2,209.649 for Russell, 35,061.55 for Dow
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Coupon barriers: | 3,088.253 for S&P, 1,546.7543 for Russell, 24,543.085 for Dow; 70% of initial levels
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Knock-in levels: | 3,088.253 for S&P, 1,546.7543 for Russell, 24,543.085 for Dow; 70% of initial levels
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Strike date: | July 23
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Pricing date: | July 26
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Settlement date: | July 30
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.6%
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Cusip: | 22552XQV8
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