Published on 7/10/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $65,000 contingent coupon autocallable yield notes on PayPal
By Kiku Steinfeld
Chicago, July 11 – Credit Suisse AG, London Branch, priced $65,000 of contingent coupon autocallable yield notes due Jan. 11, 2023 linked to PayPal Holdings, Inc. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the coupon barrier level, 80% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 17.3% per year starting April 8, 2022.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial price on any quarterly trigger observation date.
If the notes are not called, the payout at maturity will be par unless the share price finishes below its 80% knock-in level, in which case investors will lose 1% for each 1% decline of the stock.
J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Credit Suisse AG, London Branch
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying stock: | PayPal Holdings, Inc.
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| Amount: | $65,000
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| Maturity: | Jan. 11, 2023
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| Contingent payment: | 17.3% per year, payable quarterly if stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless the share price finishes below knock-in level, in which case investors will lose 1% for each 1% decline of the stock
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| Call: | Automatically at par plus contingent coupon if the stock closes at or above its initial price on any quarterly trigger observation date starting April 8, 2022
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| Initial share price: | $192.01
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| Coupon barrier/knock-in: | $153.61, 80% of initial share price
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| Pricing date: | Dec. 23, 2021
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| Settlement date: | Dec. 29, 2021
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| Agent: | J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 22553PCY3
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