Published on 4/6/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $777,000 contingent coupon callable yield notes on SPDR ETFs
By Wendy Van Sickle
Columbus, Ohio, April 6 – Credit Suisse AG, London Branch priced $777,000 of contingent coupon callable yield notes due March 25, 2024 linked to the least performing of the SPDR S&P Biotech ETF and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual contingent coupon at an annual rate of 10.15% if each fund closes at or above its coupon barrier, 65% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par plus the coupon on any contingent coupon payment date after one year.
The payout at maturity will be par unless any fund finishes below its 65% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon callable yield notes
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Underlying funds: | SPDR S&P Biotech ETF and the Technology Select Sector SPDR fund
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Amount: | $777,000
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Maturity: | March 25, 2024
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Coupon: | 10.15% per year, payable semiannually if each fund closes at or above its coupon barrier on the related observation date
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Price: | Par
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Payout at maturity: | Par unless any fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
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Call: | At par plus coupon on any contingent coupon payment date after one year
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Initial levels: | $145.07 for Biotech, $129.60 for Technology
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Coupon barrier levels: | $94.2955 for Biotech, $84.24 for Technology, 65% of initial levels
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Knock-in levels: | $94.2955 for Biotech, $84.24 for Technology, 65% of initial levels
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Pricing date: | March 19
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Settlement date: | March 24
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.25%
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Cusip: | 22552XEA7
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