Published on 3/24/2022 in the Prospect News Structured Products Daily.
New Issue: Credit Suisse sells $4.07 million autocallable securities on S&P, Dow
By William Gullotti
Buffalo, N.Y., March 24 – Credit Suisse AG, London Branch priced $4.07 million of 0% autocallable securities due March 24, 2025 linked to the lowest performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a redemption premium of 10.5% if all indexes close at or above initial levels on March 20, 2023.
If the notes are not called and each index finishes at or above its initial level, the payout at maturity will be par plus 1.5 times the return of the least performing index.
If the worst performer declines up to 30%, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the lesser performing index from its initial level.
The agent is Credit Suisse Securities (USA) LLC.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Autocallable securities
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average
|
| Amount: | $4,067,000
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| Maturity: | March 24, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If each index finishes flat or gains, par plus 1.5 times the return of the least performing index; if the worst performer declines up to 30%, par; otherwise, 1% loss for each 1% decline of worst performing index from initial levels
|
| Call: | Automatically at par plus a redemption premium of 10.5% if each index closes at or above its initial level on March 20, 2023
|
| Initial levels: | 4,463.12 for S&P, 34,754.93 for Dow
|
| Downside threshold: | 3,124.184 for S&P, 24,328.451 for Dow; 70% of initial levels
|
| Pricing date: | March 18
|
| Settlement date: | March 23
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 2.65%
|
| Cusip: | 22553PLC1
|
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