Published on 2/12/2020 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $611,000 contingent coupon callable yield notes on index, ETFs
By Sarah Lizee
Olympia, Wash., Feb. 12 – Credit Suisse AG, London Branch priced $611,000 of contingent coupon callable yield notes due Feb. 5, 2024 linked to the least performing of the SPDR S&P Regional Banking ETF, the Nasdaq-100 index and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 7.5% if each underlying asset closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
Credit Suisse may call the notes in whole but not in part at par on any monthly call observation date after one year.
The payout at maturity will be par unless any asset finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing asset.
Incapital LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
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| Underlying assets: | SPDR S&P Regional Banking ETF, Nasdaq-100 index and SPDR S&P Biotech ETF
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| Amount: | $611,000
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| Maturity: | Feb. 5, 2024
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| Coupon: | 7.5% per year, payable monthly if each underlying asset closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its knock-in, in which case full exposure to any losses of the least-performing asset
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| Call option: | Callable at par on any monthly call observation date after one year
|
| Initial levels: | 8,991.512 for index, $89.12 for biotech ETF, $54.19 for banking ETF
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| Coupon barrier: | 5,394.9072 for index, $53.472 for biotech ETF, $32.514 for banking ETF; 60% of initial levels
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| Knock-in levels: | 5,394.9072 for index, $53.472 for biotech ETF, $32.514 for banking ETF; 60% of initial levels
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 5
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| Agent: | Incapital LLC
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| Fees: | 3.75%
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| Cusip: | 22551NLV6
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