Published on 3/6/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.24 million contingent coupon callable notes on biotech, tech ETFs
Chicago, March 8 – Credit Suisse AG, London Branch priced $1.24 million of contingent coupon callable yield notes due Jan. 29, 2024 linked to the lowest performing of the SPDR S&P Biotech exchange-traded fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Semiannually, the notes pay a contingent coupon at the rate of 9.6% per year if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes can be called at par on any semiannual observation date.
The payout at maturity will be par unless either ETF closes below its 70% knock-in level, in which case investors will be fully exposed to the losses of the worst performer.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying ETFs: | SPDR S&P Biotech ETF and Technology Select Sector SPDR fund
|
| Amount: | $1,244,000
|
| Maturity: | Jan. 29, 2024
|
| Coupon: | 9.6% per year, payable semiannually if each ETF closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF closes below knock-in level, in which case par plus return of lesser-performing ETF with full exposure to losses
|
| Call: | Callable at par on any semiannual early redemption date
|
| Initial share prices: | $152.56 for biotech ETF and $132.83 for tech fund
|
| Knock-in levels: | $106.792 for biotech ETF and $92.981 for energy fund, or 70% of initial share prices
|
| Coupon barrier levels: | $106.792 for biotech ETF and $92.981 for energy fund, or 70% of initial share prices
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 27
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 1.75%
|
| Cusip: | 22552X3A9
|
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