Published on 7/23/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $11.78 million callable contingent income securities on indexes
Chicago, July 23 – Credit Suisse AG, London Branch priced $11.78 million of callable contingent income securities due July 20, 2023 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 6.2% if each index closes at or above its coupon barrier level, 70% of the initial level, on the observation date for that period.
The notes are callable at par at the option of the issuer on any quarterly early redemption date.
If the notes are not called and each index finishes at or above its 70% barrier level, the payout at maturity will be par plus any final coupon. Otherwise, investors will lose 1% for each 1% decline of the least-performing indexes from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Callable contingent income securities
|
| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
|
| Amount: | $11,782,000
|
| Maturity: | July 20, 2023
|
| Coupon: | 6.2% annual rate, payable quarterly if each index closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par plus any final coupon; otherwise, 1% loss for each 1% decline of the least-performing indexes from initial level
|
| Call option: | At par at the option of the issuer on any quarterly early redemption date
|
| Initial levels: | 4,327.16 for S&P, 2,163.238 for Russell and 14,681.38 for Nasdaq
|
| Coupon barrier levels: | 3,029.01 for S&P, 1,514.267 for Russell and 10,276.97 for Nasdaq, 70% of initial prices
|
| Barrier levels: | 3,029.01 for S&P, 1,514.267 for Russell and 10,276.97 for Nasdaq, 70% of initial prices
|
| Pricing date: | July 16
|
| Settlement date: | July 21
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2%
|
| Cusip: | 22552XQB2
|
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