Published on 2/16/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse prices $7.69 million review notes linked to S&P 500
By William Gullotti
Buffalo, N.Y., Feb. 16 – Credit Suisse AG, London Branch priced $7.69 million of 0% review notes due Feb. 16, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium of 10% if the index closes at or above its initial level on Feb. 24, 2023.
If the notes are not called and the final level is greater than or equal to the initial level, the payout at maturity will be the greater of par plus the return and par plus 20%.
Investors will receive par if the index declines by 15% or less. If the index finishes below its 85% knock-out level, investors will be fully exposed to the index’s decline from its initial level.
J.P. Morgan Securities LLC is the placement agent.
Issuer: | Credit Suisse AG, London Branch
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Issue: | Review notes
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Underlying index: | S&P 500 index
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Amount: | $7,692,000
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Maturity: | Feb. 16, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index finishes flat or gains, par plus the greater of the return and 20%; par if index declines by 15% or less; otherwise, full exposure to index’s decline from initial level
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Call: | Automatically at par plus 10% if index closes at or above initial level on Feb. 24, 2023
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Initial level: | 4,418.64
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Knock-out level: | 3,755.84; 85% of initial level
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Pricing date: | Feb. 11
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Settlement date: | Feb. 16
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Placement agent: | J.P. Morgan Securities LLC
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Fees: | 1.5%
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Cusip: | 22553PJ83
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