Published on 8/16/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.31 million contingent coupon callable yield notes on two ETFs
By William Gullotti
Buffalo, N.Y., Aug. 16 – Credit Suisse AG, London Branch, priced $4.31 million of contingent coupon callable yield notes due June 24, 2024 to the performance of the VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 14.35% per year if each ETF closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any quarterly early redemption date after six months.
The payout at maturity will be par unless any ETF finishes below its 60% knock-in price, in which case investors will be exposed to the decline of the least-performing ETF from its initial price.
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: | VanEck Vectors Gold Miners ETF, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $4,305,000
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| Maturity: | June 24, 2024
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| Coupon: | 14.35% per year, payable quarterly if each underlying ETF closes at or above its coupon barrier price on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any ETF finishes below its knock-in price, in which case investors will be exposed to the decline of the least-performing ETF from its initial price
|
| Call: | Par plus any contingent coupon due on any quarterly early redemption date after six months
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| Initial prices: | $34.93 for Gold, $93.02 for Oil & Gas
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| Coupon barrier: | $24.451 for Gold, $65.114 for Oil & Gas; 70% of initial prices
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| Knock-in prices: | $20.958 for Gold, $55.812 for Oil & Gas; 60% of initial prices
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| Pricing date: | June 17
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| Settlement date: | June 22
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22552XN41
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