Published on 5/16/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $880,000 contingent coupon autocallable yield notes on ETFs
Chicago, May 16 – Credit Suisse AG, London Branch priced $880,000 of contingent coupon autocallable yield notes due Oct. 14, 2027 linked to the performance of the lowest performing of the Financial Select Sector SPDR Fund, the Technology Select Sector SPDR Fund and SPDR S&P Oil & Gas Exploration & Production 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 9.3% if each ETF 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 ETF closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any ETF finishes below its 50% 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
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying ETFs: | Financial Select Sector SPDR Fund, the Technology Select Sector SPDR Fund and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $880,000
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| Maturity: | Oct. 14, 2027
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| Coupon: | 9.3 % 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 after six months
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| Initial levels: | $39.02 for Financial, $151.96 for Technology, $105.37 for Oil
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| Coupon barrier levels: | $27.314 for Financial, $106.372 for Technology, $73.759 for Oil; 70% of initial levels
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| Knock-in levels: | $19.51 for Financial, $75.98 for Technology, $52.685 for Oil; 50% of initial levels
|
| Pricing date: | Oct. 8, 2021
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| Settlement date: | Oct. 14, 2021
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4.22%
|
| Cusip: | 22552XWG4
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