Published on 9/27/2021 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $500,000 contingent coupon callable yield notes on three ARK ETFs
By William Gullotti
Buffalo, N.Y., Sept. 27 – Credit Suisse AG, London Branch, priced $500,000 of contingent coupon callable yield notes due July 12, 2023 to the performance of the ARK Fintech Innovation ETF, the ARK Genomic Revolution ETF and the ARK Innovation ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 13% per year if each ETF closes at or above its coupon barrier price, 70% of its initial price, on the related observation date.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any monthly early redemption date after three months.
If the notes are not called and each ETF finishes at or above its coupon barrier, the payout at maturity will be par.
If the worst performer finishes below the coupon barrier but at or above its 60% knock-in price, the payout at maturity will be par. Otherwise, investors will be exposed to the decline of the worst performer from its initial price.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon callable yield notes
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| Underlying funds: | ARK Fintech Innovation ETF, ARK Genomic Revolution ETF, ARK Innovation ETF
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| Amount: | $500,000
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| Maturity: | July 12, 2023
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| Coupon: | 13% per year, payable monthly if each underlying ETF closes at or above its coupon barrier price on related observation date
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| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above coupon barrier, par plus final coupon; Par if worst performer finishes below coupon barrier but at or above its knock-in price; otherwise, investors will lose 1% for every 1% decline of worst performer from its initial price
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| Call: | Par plus any contingent coupon due on any monthly early redemption date after three months
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| Initial prices: | $52.67 for Fintech, $88.73 for Genomic, $124.26 for Innovation
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| Coupon barriers: | $36.869 for Fintech, $62.111 for Genomic, $86.982 for Innovation; 70% of initial prices
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| Knock-in prices: | $31.602 for Fintech, $53.238 for Genomic, $74.556 for Innovation; 60% of initial prices
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| Pricing date: | July 7
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| Settlement date: | July 12
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 22552XPZ0
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