Published on 3/9/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1.6 million contingent coupon autocallable yield notes on three ETFs
By Wendy Van Sickle
Columbus, Ohio, March 9 – Credit Suisse AG, London Branch, priced $1.6 million of contingent coupon autocallable yield notes due March 1, 2023 linked to the least performing of the ARK Fintech Innovation ETF, the ARK Innovation ETF and the ARK Genomic Revolution ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 19.5% per year if each asset closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be called at par plus the coupon if each asset closes above its initial level on any monthly trigger observation date after three months.
The payout at maturity will be par unless either asset finishes below its 60% knock-in level, in which case investors will be exposed to the decline of the least-performing asset from its initial level.
Credit Suisse Securities (USA) LLC is the agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Contingent coupon autocallable yield notes
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Underlying assets: | ARK Fintech Innovation ETF, ARK Innovation ETF and ARK Genomic Revolution ETF
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Amount: | $1,602,000
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Maturity: | March 1, 2023
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Coupon: | 19.5% per year, payable monthly if each underlying asset closes at or above its coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par unless either asset finishes below its knock-in level, in which case investors will be exposed to the decline of the least-performing asset from its initial level
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Call: | Par plus the coupon if each asset closes above its initial level on any monthly trigger observation date after three months
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Initial levels: | $58.54 for ARK Fintech, $139.04 for ARK Innovation, $98.62 for Genomic Revolution
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Coupon barrier levels: | $35.124 for ARK Fintech, $83.424 for ARK Innovation, $59.172 for Genomic Revolution, or 60% of initial levels
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Knock-in levels: | $35.124 for ARK Fintech, $83.424 for ARK Innovation, $59.172 for Genomic Revolution, or 60% of initial levels
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Pricing date: | Feb. 24
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Settlement date: | March 1
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 0.65%
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Cusip: | 22552XDS9
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