Published on 3/18/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $1 million contingent coupon autocallables on S&P, Nasdaq
By Taylor Fox
New York, March 18 – Credit Suisse AG, London Branch priced $1 million of contingent coupon autocallable yield notes due March 11, 2022 linked to the lowest performing of the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 7.75% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be called at par if each index closes above its initial level on any quarterly call date.
The payout at maturity will be par unless any index finishes below its 70% knock-in level, in which case investors will be fully exposed to the losses of the least-performing index.
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 indexes: | Nasdaq-100 index and S&P 500 index
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Amount: | $1 million
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Maturity: | March 11, 2022
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Coupon: | 7.75% annual rate, payable quarterly, if each index 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 any index finishes below its knock-in level, in which case full exposure to the losses of the least-performing index
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Call: | At par if each index closes above initial level on any quarterly call date
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Initial levels: | 3,821.35 for S&P, 12,299.08 for Nasdaq
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Coupon barrier levels: | 2,674.945 for S&P, 8,609.356 for Nasdaq; 70% of initial levels
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Knock-in levels: | 2,674.945 for S&P, 8,609.356 for Nasdaq; 70% of initial levels
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Pricing date: | March 8
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Settlement date: | March 11
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Agent: | Credit Suisse Securities (USA) LLC
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Fees: | 1.25%
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Cusip: | 22552XFP3
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