Published on 3/17/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $5.84 million contingent coupon autocallable yield notes on three stocks
By William Gullotti
Buffalo, N.Y., March 17 – Credit Suisse AG, London Branch priced $5.84 million of contingent coupon autocallable yield notes due March 17, 2025 linked to the least performing of the stocks of Boeing Co., Alphabet Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 17.3% if each stock closes at or above its coupon barrier, 50% of its initial level, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any quarterly trigger observation date.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 50% knock-in level, in which case investors will be fully exposed to the losses of the least-performing stock.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stocks: | Boeing Co., Alphabet Inc., Tesla, Inc.
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| Amount: | $5,836,000
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| Maturity: | March 17, 2025
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| Coupon: | 17.3% per year, payable quarterly if each stock 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 plus the final coupon unless any stock finishes below its knock-in level, in which case full exposure to decline of the least-performing stock from its initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly trigger observation date
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| Initial levels: | $175.52 for Boeing, $2,519.02 for Alphabet, $766.37 for Tesla
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| Coupon barriers: | $87.76 for Boeing, $1,259.51 for Alphabet, $383.185 for Tesla; 50% of initial levels
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| Knock-in levels: | $87.76 for Boeing, $1,259.51 for Alphabet, $383.185 for Tesla; 50% of initial levels
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| Pricing date: | March 14
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| Settlement date: | March 17
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| Agent: | Credit Suisse Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 22553PNX3
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