Published on 3/3/2023 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $509,000 contingent coupon autocallable yield notes on ARK ETF
Chicago, March 3 – Credit Suisse AG, London Branch priced $509,000 of contingent coupon autocallable yield notes due May 17, 2027 linked to the ARK Innovation ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the fund closes at or above the coupon barrier level, 50% of the initial share price, on a quarterly observation date, the notes will pay a contingent payment for that quarter at a rate of 16.25% per year.
The notes will be called at par plus the contingent coupon if the fund closes at or above 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 the 50% knock-in level, in which case investors will lose 1% for each 1% decline of the fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon autocallable yield notes
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| Underlying fund: | ARK Innovation ETF
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| Amount: | $509,000
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| Maturity: | May 17, 2027
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| Contingent payment: | 16.25% per year, payable quarterly if fund closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless the share price finishes below knock-in, in which case investors will lose 1% for each 1% decline of the fund
|
| Call: | Automatically at par plus contingent coupon if the fund closes at or above its initial level on any quarterly trigger observation date
|
| Initial share price: | $38.99
|
| Coupon barrier: | $19.495, 50% of initial share price
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| Knock-in price: | $19.495, 50% of initial share price
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| Pricing date: | May 12, 2022
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| Settlement date: | May 17, 2022
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| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 4.5%
|
| Cusip: | 22553PU31
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